By Following Eric Schmidt’s quick tip yesterday regarding the Nexus S – which will be coming with near field communications technology – ISIS, in conjunction with T-Mobile, Verizon, and AT&T, has announced a secure platform for which to perform all of your daily transactions using nothing but the waving of your phone. We’ve heard murmurs of Google wanting to push this technology before, and we’ve also heard that most – if not all – of the big carriers in the United States would be jumping on board to help make that happen. (The only ones missing here are Sprint and US Cellular, but we’re sure they’ll want to get in on the fun before too long.)
Isis currently partners up with a sizable list of merchants who will support the technology sometime in the future, giving it a good chance for the technology – which is already prominent in parts of Asia – to take off. Here’s a quote from the press release below:
“While payments are at the core of the offering, it is only the start,” reads the press release. “Isis intends to deliver a complete mobile wallet experience that goes well beyond ‘credit card on a phone’ and makes the shopping experience significantly easier by eliminating the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.”
I personally can’t wait for NFC to become popular in America. Its popularity in Asia is by no accident, and the convenience of using a smartphone to purchase items far outweighs the convenience of using a credit card considering you’re more likely to keep up with your phone than your wallet. And I know I ripped into FaceCash yesterday, but that was different. (To FaceCash: it’s not you, it’s me.) Press details below.
AT&T, T-MOBILE AND VERIZON WIRELESS ANNOUNCE JOINT VENTURE TO BUILD NATIONAL MOBILE COMMERCE NETWORK
Isis to Lead the U.S. Payments Industry from Cards to Mobile Phones; Available to All Merchants, Banks and Wireless Service Providers; Venture Led By Former GE Capital Financial Executive
New York – November 16, 2010 – AT&T Mobility, T-Mobile USA and Verizon Wireless today announced the formation of a joint venture chartered with building ISIS™, a national mobile commerce network that aims to fundamentally transform how people shop, pay and save.
Isis’ initial focus will be on building a mobile payment network that utilizes mobile phones to make point-of-sale purchases. By utilizing smartphone and near-field communication (NFC) technology to modernize the payments process, Isis intends to deliver new levels of competition and value to consumers and merchants. Isis expects to introduce its service in key geographic markets during the next 18 months.
Michael Abbott has been named as Chief Executive Officer of Isis. Formerly with GE Capital, Abbott is a veteran financial services executive with extensive experience in the payment and technology industries.
“Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers,” said Michael Abbott, Chief Executive Officer of Isis. “While mobile payments will be at the core of our offering, it is only the start. 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.”
Isis Brings Both Consumer and Merchant Scale
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, 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.
“We believe the venture will have the scope and scale necessary to introduce mobile commerce on a broad basis. In the beginning, we intend to fully utilize Discover’s national payment infrastructure as well as Barclaycard’s expertise in contactless and mobile payments,” said Abbott. “Moving forward, Isis will be available to all interested merchants, banks and mobile carriers.”
How It Works
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.
About Isis
The joint venture is between AT&T Mobility LLC, T-Mobile USA and Verizon Wireless and is based in New York City. The venture is chartered with building ISIS™, a national mobile commerce network that will fundamentally transform how people shop, pay and save. The Isis mobile commerce network will be available to all merchants, banks and mobile carriers. ISIS is a trademark of JVL Ventures, LLC in the U.S. and/or other countries. Other logos, product and company names mentioned herein may be the trademarks of their respective owners.
Wow, this could be really cool someday! But how safe is it if someone steals your phone? Then they have everything since it’s all there .. Then again, it would be the same as someone stealing your wallet..
@Droid_FTW Might even be more secure because you can potentially remote wipe the phone or password protect/encrypt the data. Interesting stuff, but I also feel it’s a bit strange.
Yea @Droid_FTW. I’m sure they’ll allow you to report a lost or stolen phone. But when you lose your phone, I suppose you can’t just call them the moment you notice it’s gone xD. Hopefully they employ the same real-time fraud protection strategies as most big banks do these days until you can get to a PC or another phone and report your mobile phone as lost or stolen.
I thought they’ve been working on this for the past two years now? And I believe this site was the source?
Glad that last part about being avalible to all mobile carriers is on there. It would suck if you were stuck with the big three if you wanted to use service
“considering you’re more likely to keep up with your phone than your wallet.” Hmmm. Not me. I’m pretty unlikely to leave my phone somewhere (at work or home, I mean), but I never leave my wallet behind. It might be different for folks a bit younger than I who had phones before they needed a wallet?
if you wanted to use THIS service, that is.
If I could pay with my phone at Walmart I would be one happy camper.
A convenient way to siphon more money out of your pockets to buy things you don’t need.
What does this REALLY benefit anybody? Will life really be that much better when I don’t have to suffer the weight of a wallet? Aren’t there greater missions out there than perfecting the brainless and effortless consumer purchase? Perhaps some day we will all be able to wave our phones around and make even faster debt-building purchases.
@jlee agree w/ u 100%
listen up people, they have had this tech for the last decade. while i was in holland, you could by a soda from a machine by swiping your phone. not to mention paying for gas and shopping also.
Security issue: I’m sure they’re going to have a more secure way to oparate this. It should be more like having ur credit card, and if u loose it, they help u out. Bt then the phone insurance will be higher+.
(Its my opinion)
So Nexus S has this?
Password protected NFC application can solve the issue of phone theft