T-Mobile Teams Up With AT&T & Verizon To Bring NFC Mobile Wallet System To The U.S

Today, T-Mobile announced that it is teaming up with the other two major U.S carriers, AT&T Mobility and Verizon Wireless to bring Isis, a mobile payment system to customers. Isis will use near-field communication (NFC) based technology to allow smartphone owners to use their handsets as a form of payment, thus replacing the need to carry around credit cards or even cash. Currently, there are no NFC enabled smartphones on the market, but one is coming very soon. That one handset, happens to be the upcoming Nexus S which was demonstrated by Eric Schmidt yesterday at the Web 2.0 Summit. You can expect more handsets to have the NFC capability built in, as that is one of the new features in Android 2.3.

Full press release after the jump!

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–(BUSINESS WIRE)–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.

www.paywithisis.com

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. The words “anticipate,” “believe,” “expect,” “may,” “plan,” “should” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, including, without limitation, those set forth in the discussions of factors that may affect future results contained in AT&T, Deutsche Telekom AG’s (T-Mobile USA is the U.S. wireless arm of Deutsche Telekom AG), and Verizon Wireless’ filings with the Securities and Exchange Commission. AT&T, T-Mobile USA, and Verizon Wireless disclaim any obligation to update and revise statements contained in this news release based on new information or otherwise.

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  • Franzl

    Hmmm, nice but the whole things has a big hole in it … consider this… legal american financial and regulatory protections afforded by credit cards and even debit cards do not exist for this to be safe.

    • http://twitter.com/Liquidslap Swan Dive!

      It will probably be hooked to an existing credit card/debit and you just select which one to use on your phone. Then most likely use it like you do the “FastTap” at the grocery store.

    • http://twitter.com/Liquidslap Swan Dive!

      It will probably be hooked to an existing credit card/debit and you just select which one to use on your phone. Then most likely use it like you do the “FastTap” at the grocery store.

  • Don

    when 2012 the network will crash and nobody will have any money!

    • somebody

      so the solution to 2012 is to carry cash

      • Yyevo

        Or animal pelts.

  • http://google.com 5!n7 is my name upsidedown

    ok???

    .

    .

    .

    NEXT!!

    • Bratty

      What the heck is wrong with you? Do you HAVE to respond to every post? Calling your response useless would be giving it too much credit. Either contribute something intelligent or just move along.

      • Keine

        There’s no need to bother with this guy. He’s going to be an idiot and always be one. Unless he improves or David brings down the ban hammer on him.

  • manus

    Uh cool

  • Magenta Magic

    It’s that mark of the beast my daddy was always preaching about… LOL

    No seriously, this is a terrible idea. If someone gets your phone, they’ve got your payment methods. Of course, I’m sure there’ll be security and PINs, but everything’s hackable, right?

    • phonegeek

      No no I was thinking the same thing mark of the beast

    • 2FR35H

      People people mark of the beast is supposed to be a physical chip actually IN your right hand and as far as I know that’ll never happen.

    • adedasfreak

      So is the internet banking everyone complained about the extact some issues, wow how many of those actually use it now! Of course no one on here will admit it though!

  • james

    Step 1: mobile phone payment methods
    Step 2: mobile phone Identification system, social security, driver’s license, vehicle recognition etc. (with enhanced security0

    Step 3: RFIC chips implanted inside the skin
    (actually already being done on immigration workers, pets, government employees, etc)

    We could all jump to step 3 but no one in their right mind would agree to that until the slow phasing in of the mobile phone and virtual Identification and payments are ubiquitous.

  • http://twitter.com/g_grey g_grey

    sounds like a really bad idea. i was fine with a debit card but when my phone begins to hold and TRANSMIT my payment info and other such i start getting worried.

    skynet anyone?

  • henry

    No thank you my money will stay in the card form

  • somebody

    yea i dont care if my phone has the feature im never going to use it.

    i dont mind carrying cards and cash its not exactly big or heavy…

  • Vibrant Addict

    Sweet. I’m glad T-Mobile is part of this with the big 2. The other great thing is it seems T-Mobile will once again be the pioneer since they’ll get the Nexus S first. Can’t wait.

    In terms of protection, it’s harder for fraud as it’ll be locked somehow on the phone and you can easily swipe your info from it. With credit cards the thief can do as they please since they have the card, experience after getting my card number stolen 3 times. :/

  • http://soapboxuniverse.blogspot.com/?spref=gb Mr Cker

    I’m curious but need to see the security in place b4 I could give it a go.

    Stay thirsty my friends!

    • The Dude

      I don’t want to stay thirsty!! Stop using that at the end of every post.

      *drinks a Dos Equis*

  • Killah Kyle

    I can’t wait. I normally don’t carry cash. I go paperless everything and direct deposit. The only reason I carry plastic is because it’s the only other way to access my money. I don’t even carry a wallet. This feature would be really convenient for me.

  • david

    Does anyone know why sprint was left out in the cold? I find it odd that three of the four are included. Like em or not, they still represent millions of people.

  • Anonymous

    The post is interesting but not as interesting as ….. Disqus!!!!!!!

  • Anonymous

    The post is interesting but not as interesting as ….. Disqus!!!!!!!

  • Protest

    Credit Card information stored on a cell phone is just not a good idea any way you look at it, especially when its on the “open” Android Platform. How hard is it to carry cash or a credit/debit card?

  • Protest

    Credit Card information stored on a cell phone is just not a good idea any way you look at it, especially when its on the “open” Android Platform. How hard is it to carry cash or a credit/debit card?

  • http://twitter.com/bbcrisp_03 Bradley Bien-Aime

    CASH! CASH! CASH! Stop this paperless commerce! CASH IS NOT OUT DATED! its tangible, holdable, moveable. Something you can seeeeee! End the coming financial apocalypse early use cash!

    • Anonymous

      Dude chill its not bad to introduce new forms of payment. It certainly isn’t like they are phasing out cash.

    • Anonymous

      Dude chill its not bad to introduce new forms of payment. It certainly isn’t like they are phasing out cash.

      • Darnell

        I’ll use it, but everything really is moving toward the end of cash. And cash is as empty as the paperless currency methods, because the gold standard was done away with long ago. Gold was the tangible, holdable, movable item that the cash was supposed to be supported by. So use whatever you want, the financial system is falling apart regardless.

      • Darnell

        I’ll use it, but everything really is moving toward the end of cash. And cash is as empty as the paperless currency methods, because the gold standard was done away with long ago. Gold was the tangible, holdable, movable item that the cash was supposed to be supported by. So use whatever you want, the financial system is falling apart regardless.

  • http://twitter.com/bbcrisp_03 Bradley Bien-Aime

    CASH! CASH! CASH! Stop this paperless commerce! CASH IS NOT OUT DATED! its tangible, holdable, moveable. Something you can seeeeee! End the coming financial apocalypse early use cash!

  • Fujitsujeff

    I’m nervous if someone steals my phone, they will be able to go on a shopping spree. Having a CC is the same, but atleast it’s hidden in a wallet. I’ll have to see how this works, as I don’t carry cash at all these days either …

  • yoyoyoyoyo

    idk…. i like the feeling of have a thick wallet full with cash and some credit cards…… it makes me feel good lol

  • mtnman

    Well this is good and bad for a person that always has their cell phone handy and don’t like carrying cards. But what is scary for me is what if I lose my cell phone? By the time I call and report my cell phone lost or stolen, the person who has it as already gotten a ton of information off of it.

  • Steve

    Too bad one of the first NFC-enabled phones (Blackberry Bold 9900) has its NFC disabled by T-Mobile, permanently as far as anyone can tell.