Verizon, AT&T and T-Mobile plan to inject over $100 million to speed up the launch of mobile payment network Isis
You might have forgotten about Isis, the joint mobile payment effort of Verizon, AT&T and T-Mobile, but the carriers’ over $100 million injection into the service brings it back in the spotlight. The exact amount will depend on how banks react to Isis. Designed as an alternative to Google Wallet, which is backed by Sprint and seems to be already getting traction, Isis offers a payment network working via near field communications (NFC). The carriers have partnered with Visa, MasterCard, Discover and AmericanExpress, and seem to have been quietly working on the service, which seems on track to launch in Salt Lake City in early to mid 2012.
If the service increases its followers and catches up with Google, the three carriers may pour huge sums of money as the overall mobile payment market is expected to reach $670 billion by 2015. This year alone, mobile payments are expected to amount to $240 billion. The service, though, won't focus on payments solely, but also allow consumers to redeem coupons and use their store cards.
One of the biggest swing factors in the Isis equation is Visa, which is simultaneously working on a mobile payment solution of its own. The carriers' outreach however might make it turn to them with Isis, which has only announced local rollout plans as country-wide launch plans are yet to be uncovered. Those are not the only options for future transactions, though - feel free to check out our comprehensive coverage of mobile wallet solutions, to get a sense of what's to come.