Instead of paying by cash or credit card, you will soon be able to pay for goods or services with your mobile phone using NFC (Near Field Communications). By waving your micro-chipped phone near a retail reader, the payment is made.
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.