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 » Verizon, At&T, T-Mobile Switch To Mobile Payment Technology

Verizon, At&T, T-Mobile Switch To Mobile Payment Technology

By
Add to Favorites:
Verizon, At&T, T-Mobile Switch To Mobile Payment Technology

Mobile wallets could soon become a reality with Verizon, AT&T, and T-Mobile announcing partnerships with Isis, the national mobile commerce platform. These three carriers have built the network called Isis, in order to enable payments at the point-of-sale using their mobiles instead of cards.


These networks use near field technology, as well as smart phones to conduct the mobile payments. This will be launched in about 18 months. Discover Financial Services, as well as Barclays have been bought into this network in order to make contactless payments a reality.


The technology used by NFC is a high frequency, short range and wireless technology, in order to get the encrypted messages across to different devices.


The CEO of Isis is the former executive of GE Capital, Michael Abbott. He has reiterated the basic vision, and stated that they plan to create a mobile wallet that would finally eliminate the need to carry cash, debit or credit cards. The mobile payment products would greatly reduce the need to carry forward reward cards, tickets or coupons of any kind.


This technology is based on the same principal of radio-frequency identification, (RFID technology), where there is an embedded chip or in some cases the antenna, that would allow customers to make a payment by just waving the card or the smart phone near the point-of-sale.


This would in turn pose stiff competition to both Visa and MasterCard, as there would be an alternative mode of payment thereby saving the transaction fee for the retailers.


The current payment structure is based on the network, which connects the players, banks as well as clearing houses. In order to develop another alternate mode of payment, these providers require a vast coding system, which is currently being handled by the likes of Amazon, IP commerce as well as PayPal.


The basic business model of both MasterCard and Visa revolves around the percentage that is charged on the merchant discount in order to provide the services of the network. But as the connectivity through Wi-Fi takes over in the new applications, vendors would be able to bypass this rail.


These three carriers assist in the connectivity aspect in order to facilitate payments. However, the contactless payment option show signs of different partnerships expected in the near future, in order to create alternative payment modes. Currently, Discover Financial Services are being used to create a mobile payment product. This would certainly be a threat to Visa as well as MasterCard.


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