AT&T Mobility, T-Mobile USA and Verizon Wireless today announced the formation of a joint venture chartered with building ISIS mobile payments.
ISIS' initial focus will be on building a mobile payment network to make point-of-sale purchases from mobile phones. ISIS expects to introduce its service in key geographic markets during the next 18 months.
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, which is 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.
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.