Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Abbott, a former GE executive to head venture

Abbott, a former GE executive to head venture

By
Add to Favorites:
Abbott, a former GE executive to head venture

Three companies, which come in the top 4 mobile providers in the country, AT & T Inc., T-Mobile USA and Verizon Wireless are now coming together to collaborate on a project to build a payment network, which allows customers to pay from their mobile phones. This joint venture that was recently announced, is planning on taking the market share from other dominant players in the field like MasterCard and Visa Inc. which are currently leading the industry by processing maximum number of credit and debit card payments in US.


The joint venture name Isis, said that this network is planning to use the national payment-processing network used by Discover Financial Services, with 7 million US merchants as partners. Barclaycard US, which is a subsidiary of Barclays Plc is gearing up become the first lender on this network offering mobile payment products. The CEO of Isis, Michael Abbott feels that this is a competitive alternative to MasterCard and Visa. Michael Abbott was formerly a credit cards executive with GE. In recent times most of the banks, card processing companies and mobile phone companies have all been vying to tap the huge potential that is likely to open up through mobile payments, which will eventually replace payments through debit and credit cards. The whole idea is to ensure that customers will be able to make payments by simply waving their mobile phones over a device, therefore getting rid of carrying a wallet altogether.


These services, which are still in the experimental state in the US are quite popular in Japan. Currently only 150,000 merchants in the country are accepting contactless payments by allowing customers to wave a phone or a credit card at the payment terminal, instead of the conventional method of swiping the cards.


Isis, after kicking off with Barclays and Discover is planning to make the technology available to more merchants, and work with mobile operators and other banks. This venture is an effort from Discover too, which is trying to capture more market share after being placed a distant 4th behind American Express, MasterCard and Visa. This is being seen at Discover as a great way of gaining network volume. It is still not known what Discover`s expectations are about participating in this whole venture. With a lot of effort from various camps to make a breakthrough into this segment, only time will tell which one is an actual success.


Add to Favorites:

Related News:

Fifth Third Bancorp Upgrades App

By Dar Dowling, Posted: January 20, 2017

Fifth Third Bancorp has upped the ante when it comes to their mobile app, in terms of how many ways users can pay for merchandise – now letting them make payments with all of the available payment platforms. Continue reading
New Credit Card by Amazon and Chase

By Dar Dowling, Posted: January 19, 2017

Amazon.com, Inc. and Chase have joined together to roll out the new Amazon Prime Rewards Visa Signature Card offering 5% back on all Amazon.com purchases. Continue reading
Wix and Square Team Up to Make Payments Easier

By Dar Dowling, Posted: January 18, 2017

Wix, a cloud-based web development platform letting people set up a wide range of websites, is teaming up with Square to provide merchants and entrepreneurs a new method of taking payments for products and services bought online and in ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
You could turn $200 into $400 with Cashback Match™. We’ll automatically match all the cash back you earn at the end of your first year. New cardmembers only.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit