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 » Payment venture by Telco targets Visa and MasterCard

Payment venture by Telco targets Visa and MasterCard

By
Add to Favorites:
Payment venture by Telco targets Visa and MasterCard

Some of the top U.S. mobile service providers AT&T, Verizon Wireless, as well as T-Mobile USA would let consumers use their phones to pay for their goods. They are working towards building a network that would enable users to use their mobile phones to pay their bills. This joint venture by Isis was announced formally on Tuesday, and they have plans to bite into the market shares of networks such as Visa Inc. and MasterCard Inc., which are currently into the credit card and debit card payment processing. The network, claimed by Isis, would be used by Discover Financial Services as its` approximately 7 million merchant partners in the U.S. The first lender to offer these mobile payment products would be BarclayCard.


There are many major mobile phone companies, banks, as well as card processing networks that are eager to enter the U.S. market, and these mobile payment products would ultimately be able to replace both the debit credit cards.


Consumers will be able to just “wave and pay”, and they need not waste time in waiting to swipe and pay. The whole concept is to make payments quicker and simpler, and it has huge potential, considering that everything from train tickets to movie tickets could be purchased by just waving the phone and the need to carry a wallet would be totally eliminated.


These products have become a hit in places like Japan; though they are yet to take off in the U.S. In the U.S. there are approximately 150,000 merchants that accept these types of contactless payments, where consumers are allowed to either wave a phone or a card when they reach the payment terminal.


Isis has plans to expand its services and products to the rest of the merchants as well as mobile operators and banks. After being used by Discover and Barclays, this venture would be a coup for Discover, which is placed fourth place in the processing network, where Visa, MasterCard and American Express are ahead in the league.


Discover’s Payments and Services head, Diane Offereins, stated in an interview that this would be a significant opportunity for them but did not reveal any specific detail in regards to the volume of business that Discover expected to gain through the participation of this venture.


Isis has also stated that its products and services would be introduced in certain areas within the next eighteen months.


Add to Favorites:

Related News:

United’s MileagePlus Loyalty Program Voted Best

By Dar Dowling, Posted: January 17, 2017

Have you ever wondered what rewards program are trending with world travelers? Well, if you have, the word is out United's MileagePlus loyalty program scored the title of Best Overall Frequent Flyer Program for 2016 in Global Traveler, a ... Continue reading
USA Technologies & Apple Pay Team Up For Loyalty Programs

By Dar Dowling, Posted: January 16, 2017

If you have ever wondered when you could use Apple Pay with the MORE loyalty program, you no longer have to wonder. It’s on the horizon, with an announcement from USA Technologies, Inc. a payment technology company specializing in ... Continue reading
Ford Integrates Exxon Quickpay into Their Cars

By Dar Dowling, Posted: January 13, 2017

Pull up to the pump, fuel up, and pay directly from you car? Is that really possible? It is with the newly announced integration of the ExxonMobil's Speedpass app into Ford cars. 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