News by Dan Seifert on Monday August 29, 2011.
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Verizon Wireless, AT&T, and T-Mobile have supposedly spent $100 million to invest in their joint venture for mobile payments, Isis. Isis allows users to pay for goods and services with their mobile phone, and will go head to head with Google's forthcoming Wallet service.
The investment from the three carriers is contingent on how many banks and merchants Isis is able to sign up for its services. It could balloon to multiple hundreds of millions of dollars if Isis is successful enough, says Bloomberg.
Isis, which also includes a mobile couponing service with its platform, will be competing directly with Google's Wallet service when it launches. Google Wallet has support from MasterCard, while Isis is backed by Visa. Visa is also launching its own mobile payment service in the near future, in a move to grab as much of the mobile payment market share as possible. Analysts say that mobile payments could reach $670 billion by 2015.
Google Wallet has a partnership with Sprint, but Isis has locked up the three other major carriers. It could use this relationship to push its software and services onto phones, so that they launch with the software pre-installed. Isis has not announced its national rollout plans as of yet.
Dan is MobileBurn.com's Editor-in-Chief. Based in Poughkeepsie in New York, Dan can be found on Twitter as @DCSeifert.