Verizon, AT&T and T-mobile partner to create mobile wallet tech

 

 

Verizon, AT&T and T-mobile announced Tuesday a partnership that aims to create a national mobile commerce network which they’re calling Isis.  The partnership will essentially turn consumers’ mobile devices into digital wallets carrying everything from multiple credit card accounts and coupons to transit passes.  The technology, NFC or Near Field Communications allows consumers to swipe their phones to make purchases within 4″ facilitating contactless transactions.  Visa and MasterCard can’t be happy about the prospect of mobile carriers stealing a share of the $40 billion + intercharge business but they’re working on their own mobile pay technologies in the form of stickers and chips.  For the technology to really take off, devices will need to be equipped with RFID technology and is already being used in markets like Japan.  It will be an  interesting evolution to watch seeing as how QR/2D bar code technology has picked up pace in the US.

 

Further Reading:

http://venturebeat.com/2010/11/16/pay-with-your-phone-att-verizon-t-mobile-announce-isis-mobile-commerce-network/

http://www.bloomberg.com/news/2010-08-02/at-t-verizon-said-to-target-visa-mastercard-with-smartphones.html

http://www.pcworld.com/article/202349/atandt_verizon_want_to_replace_your_credit_cards.html

http://www.huffingtonpost.com/2010/08/02/smartphone-credit-cards-a_n_667845.html

http://latimesblogs.latimes.com/technology/2010/11/att-t-mobile-and-verizon-partner-on-isis-mobile-payment-project.html

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