Verizon, AT&T and T-Mobile shook hands to confirm their mobile payments venture Isis, which is set to replace our wallets in the near future. The carriers teamed up to form a huge alliance and Google, Apple and Nokia will take part also. And we are talking about the near future as the company aims to launch services in key geographic markets over the next 18 months, according to Isis newly appointed executive.
With some 200 million subscribers and the technology already up and running in markets like Japan, it is sure to bring significant change to the way we pay and shop. Actually, it is set to literally replace credit cards altogether. Given that recently Google confirmed its intention to bring mobile payments support to upcoming Android 2.3 and that Nokia said it will follow suit with some devices running Symbian^3, the way for Isis is paved.
The service relies on near-field communications chips embedded into handsets and Google's own Eric Schmidt stressed that security will be the priority and outdo the current magnetic card system. Join our discussion below with your opinion on this.