Reston, VA – November 22, 2010 – AT&T Mobility, T-Mobile USA and Verizon Wireless jointly announced last week that the three companies formed a joint venture to create a national mobile commerce network called ISIS.
The three cellular giants plan to use ISIS to make it easier for consumers to shop and purchase with their cell phones, something that is already available in Europe but has not yet hit the shores of the U.S. Initially, ISIS will be used to allow cell phones to make point-of-sale purchases, which the three carriers hope to roll out in some markets in the next 18 months.
In a press announcement, Michael Abbott, the recently announced CEO of ISIS, said that more is in store for ISIS beyond simply paying for products at stores.
"While mobile payments will be at the core of our offering, it is only the start," Abbott said. "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."
AT&T, T-Mobile and Verizon collectively have more than 200 million customers, which provides a substantial base of consumers for the future ISIS commerce system. Discover Financial Services is working with the ISIS partners to create a payment framework for the planned e-commerce service. The first financial services company to issue products that work with ISIS is expected to be Barclaycard US.
"We believe the venture will have the scope and scale necessary to introduce mobile commerce on a broad basis," Abbott said. "In the beginning, we intend to fully utilize Discover’s national payment infrastructure as well as Barclaycard’s expertise in contactless and mobile payments."
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