Telecom giants AT&T, T-Mobile and Verizon Wireless are investing over $100 million in a joint venture aimed at allowing consumers to make purchases using their mobile phones, according to new reports.
A few industry experts believe the move taken by the trio is a desperate attempt by telecom giants to counter other similar services from rivals such as the Mountain View-based search giant Google Inc.
Dubbed 'Isis', the companies have yet to officially reveal any accurate figures regarding the overall funding.
So more or less, program funding still depends pretty much on the response it receives from merchants and banks, according to a Boston.com report.
Apparently, the Boston.com report cites an unnamed source with direct knowledge of on-going affairs concerning the new venture.
“It’s a given that people are going to be transacting more over cellphones. An independent wireless analysis stated that it could open a potential new revenue stream for them,” the Boston.com report claims.
Meanwhile, in related news, according to a recent study by Juniper Research, the worldwide mobile payment industry will generate $240 billion this year alone.