Isis Joins Forces with Credit Card Bigwigs - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » Isis Joins Forces with Credit Card Bigwigs

Isis Joins Forces with Credit Card Bigwigs

Isis Joins Forces with Credit Card Bigwigs
The content is accurate at the time of publication and is subject to change.

With the advent of the virtual wallet, companies are jockeying for position in the race to corner the market in the extremely lucrative field of mobile payments. Literally billions of dollars are at stake.

Isis, the joint venture ofVerizon Wireless, AT&T-Mobility and T-Mobile-USA started in November, may have scored a major coup this week by being the first to get the support and participation of all four major payment networks in its push to be the mobile commerce platform of choice for consumers and merchants. With a bunch of heavyweight competitors looking to pounce, Isis took the lead by securing MasterCard, Visa, American Express and Discover in its bid for an easy mobile payment service powered by a near-field communications chip (NFC) that will enable users to pay for things with a simple tap of their smartphone. All credit card, loyalty card and gift card information can be stored in the phone, eliminating the need to carry any cards.

A definite rival to Google Wallet and Sprint’s near-field communications service which only has ties to MasterCard, Isis has a limited launch scheduled for the early part of 2012 to take place in Austin, TX and Salt Lake City, UT. Other competitors include Apple, which is in the midst of developing an iTunes-linked service, Square, Amazon and PayPal Mobile. Verizon, Visa and MasterCard are also all working on their own incarnations.

“This is a major milestone. We’re bringing together incredibly fierce competitors for the common good of helping consumers make mobile payments,” said Isis CEO Michael Abbott.
MasterCard has been sponsoring research to find out whether or not consumers are ready to transition to using NFC payment systems and the findings indicate that yes, a majority of them are. Analyst firm Juniper Research projects that by 2014, NFC-based mobile transactions will reach about $50 billion globally.

David Snow, a Juniper Analyst, cautions that consumers may find it difficult to choose which operator to align themselves with. “Do I go with the mobile operator who I trust with my calls and data or with the financial organization who I trust with my money?”

He also says, “It’s difficult to know how people will vote, but vote they will and it won’t be for more than one – all the wallet propositions promise to be all you need, and do many people have more than one physical wallet?”

NFC is especially appealing for retailers because it will allow them to personalize customer offers, tailoring them to shopper’s specific preferences and buying habits.

Thus far, it is too soon to tell if Isis will wind up a major player in the mobile player marketplace, but its decision to team up with the four major credit card companies, MasterCard, Visa, American Express and Discover definitely gives it a serious edge. Whether or not it’s a match for the formidable presence of Google and Apple remains to be seen.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Minor League Baseball and Allegiant Airlines Partner Up

Posted: December 13, 2018

Allegiant Airline and Minor League Baseball have inked a deal paving the way for a credit card partnership, one giving fans a credit card that reflects their fandom in terms of rewards whether they are traveling or catching a game. When ... Continue reading
Capital One Partners Up With Airlines

Posted: December 12, 2018

Capital One has partnered up with 14 airlines so that Venture and Spark cardholders can now use miles to pay for their flights. What is the transfer ratio? All of the carriers that have partnered up with Capital One, except for Emirates ... Continue reading
Holiday Shopping is Trending

Posted: December 11, 2018

Shopping is definitely in style this holiday season with consumers, according to the new TD Bank Holiday Retail Report, on average they will be spending $530 on gifts. What are the trending gift-giving categories this season? Gift cards ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!