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Home Mobile Cell Phones AT&T, T-Mobile, Verizon will launch NFC mobile commerce network

AT&T, T-Mobile, Verizon will launch NFC mobile commerce network

AT&T, T-Mobile, and Verizon Wireless announced ISIS, the new “mobile commerce network” that aims to use NFC (near-field communication) technology to make mobile phones the preferred method of payment for consumer point-of-sales transactions.

“While payments are at the core of the offering, it is only the start,” reads the press release. “Isis intends to deliver a complete mobile wallet experience that goes well beyond ‘credit card on a phone’ and makes the shopping experience significantly easier by eliminating the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.”

The tri-network venture has a customer-base of over 200 million and expects to launch in “key geographic markets” in the next 18 months. ISIS will provide the associated wireless carriers with another revenue stream to help bolster their oh-so-important bottom lines.

Here’s the press release……

AT&T, T-MOBILE AND VERIZON WIRELESS ANNOUNCE JOINT VENTURE TO BUILD NATIONAL MOBILE COMMERCE NETWORK

Isis to Lead the U.S. Payments Industry from Cards to Mobile Phones; Available to All Merchants, Banks and Wireless Service Providers; Venture Led By Former GE Capital Financial Executive

New York – November 16, 2010 – AT&T Mobility, T-Mobile USA and Verizon Wireless today announced the formation of a joint venture chartered with building ISIS™, a national mobile commerce network that aims to fundamentally transform how people shop, pay and save.

Isis’ initial focus will be on building a mobile payment network that utilizes mobile phones to make point-of-sale purchases. By utilizing smartphone and near-field communication (NFC) technology to modernize the payments process, Isis intends to deliver new levels of competition and value to consumers and merchants. Isis expects to introduce its service in key geographic markets during the next 18 months.

Michael Abbott has been named as Chief Executive Officer of Isis. Formerly with GE Capital, Abbott is a veteran financial services executive with extensive experience in the payment and technology industries.

“Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers,” said Michael Abbott, Chief Executive Officer of Isis. “While mobile payments will be at the core of our offering, it is only the start. We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.”

Isis Brings Both Consumer and Merchant Scale

Founding members, AT&T Mobility, T-Mobile USA and Verizon Wireless, collectively provide wireless services to more than 200 million consumers who will have access to the Isis service. Isis is working with Discover Financial Services’ payment network, currently accepted at more than seven million merchant locations nationwide, to develop an extensive mobile payment infrastructure for the joint venture.

Barclaycard US, part of Barclays PLC, is expected to be the first issuer on the network, offering multiple mobile payment products to meet the needs of every customer.

“We believe the venture will have the scope and scale necessary to introduce mobile commerce on a broad basis. In the beginning, we intend to fully utilize Discover’s national payment infrastructure as well as Barclaycard’s expertise in contactless and mobile payments,” said Abbott. “Moving forward, Isis will be available to all interested merchants, banks and mobile carriers.”

How It Works

The new venture will enable contactless mobile payment and commerce services using near-field communication technology. NFC uses short-range, high frequency wireless technology to enable the encrypted exchange of information between devices at a short distance. The new system is being designed and built to include strong security and privacy safeguards.

About Isis

The joint venture is between AT&T Mobility LLC, T-Mobile USA and Verizon Wireless and is based in New York City.  The venture is chartered with building ISIS™, a national mobile commerce network that will fundamentally transform how people shop, pay and save.  The Isis mobile commerce network will be available to all merchants, banks and mobile carriers. ISIS is a trademark of JVL Ventures, LLC in the U.S. and/or other countries.  Other logos, product and company names mentioned herein may be the trademarks of their respective owners.

www.paywithisis.com

David Novakhttps://www.gadgetgram.com
For the last 20 years, David Novak has appeared in newspapers, magazines, radio, and TV around the world, reviewing the latest in consumer technology. His byline has appeared in Popular Science, PC Magazine, USA Today, The Wall Street Journal, Electronic House Magazine, GQ, Men’s Journal, National Geographic, Newsweek, Popular Mechanics, Forbes Technology, Readers Digest, Cosmopolitan Magazine, Glamour Magazine, T3 Technology Magazine, Stuff Magazine, Maxim Magazine, Wired Magazine, Laptop Magazine, Indianapolis Monthly, Indiana Business Journal, Better Homes and Garden, CNET, Engadget, InfoWorld, Information Week, Yahoo Technology and Mobile Magazine. He has also made radio appearances on the The Mark Levin Radio Show, The Laura Ingraham Talk Show, Bob & Tom Show, and the Paul Harvey RadioShow. He’s also made TV appearances on The Today Show and The CBS Morning Show. His nationally syndicated newspaper column called the GadgetGUY, appears in over 100 newspapers around the world each week, where Novak enjoys over 3 million in readership. David is also a contributing writer fro Men’s Journal, GQ, Popular Mechanics, T3 Magazine and Electronic House here in the U.S.

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