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US Telcos Unveil Isis Mobile Payment Venture

Major US wireless carriers have partnered to create a national phone payment service.

Named Isis, the service will allow users to make payments for goods and services by simply swiping their smartphones on a special reader.

The service, which is being developed by AT&T, Verizon and T-Mobile, will initially be available on smartphones, with feature phones set to be added at a later stage.

According to the companies, Isis will be based on near-field communication (NFC) technology which allows secure short-range transmissions, although, as yet, no NFC equipped devices are currently available.

Mobile phone payment services have been slow to gain acceptance in the US market but the companies are confident that, with a combined user base of 200 million customers, Verizon, T-Mobile and AT&T will be able give Isis the push it needs.

“This is just day one. I know there's been a lot out there with mobile payments. What Isis does is that it brings scale. The partnership brings almost 200 million consumers to the table,” Isis CEO Michael Abbot said in a (,2817,2372834,00.asp) statement.