AT&T, T-Mobile & Verizon Wireless Unveil ISIS, A "Mobile Commerce Network"

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As of this morning, T-Mobile, AT&T and Verizon Wireless have announced a new partnership called ISIS, which is described as a “mobile commerce network.” Or speaking in a little more general of terms, it is a way to allow customers to make payments using their mobile phone as opposed to using a debit or credit card or cash.

According to the press release, ISIS will “fundamentally transform how people shop, pay and save.” Which is interesting to say the least. Well, interesting to this geek that uses his smartphone for just about everything possible. The details still feel a little limited, even after reading and re-reading the release. That said, the initial focus is noted as being to build “a mobile payment network that utilizes mobile phones to make point-of-sale purchases.”

In short, T-Mobile, AT&T and Verizon want to combine your cash, credit and debit cards into one and allow you to use nothing more than your phone. In addition to the cash and cards, ISIS will also tie in with your reward cards, coupons, tickets and transit passes. And as far as how this will work;

“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.”

And judging from the ‘initial’ term in the above statement, it would appear as if we can expect to see more in the future. Of course, the initial roll-out is not even expected to take place immediately, but instead will be introduced into “key geographic markets during the next 18 months.”

Coming as a result of the three partners in this venture, that means a potential of 200 million customers. Or at least 200 million customers that would be able to use the service. Time will tell how many actually will. Otherwise, ISIS is said to be working with Discover Financial Services’ payment network and that Barclaycard US is expected to be the first issuer on the network.