Isis has signed deals with credit card companies Visa, MasterCard, Discover and American Express for processing mobile payments made by its customers.
Isis is a mobile payments joint venture started by US wireless carriers AT&T, Verizon and T-Mobile and will compete head-on with Google Wallet, Google’s own NFC based service which has Sprint, MasterCard and Citi as partners.
NFC based mobile payments systems will allow people to pay for goods with their mobile devices instead of carrying around multiple cards and cash with them. However, the service will only be supported by mobile phones with a NFC chip installed in them.
The service will find a lot of takers when it is finally launched in the US. Recent surveys have revealed that people won’t mind paying for goods and services from their phones as long it is safe to do so.
"The news of the day is really around the validation of the Isis model by the four leading payment networks in the United States," Jaymee Johnson, head of marketing for Isis, said.
"What this means for consumers is that we are building a platform for any existing debit or credit card to be used in their mobile wallet, regardless of network." he added.