AT&T Inc., T-Mobile USA Inc. and Verizon Communications Inc. on Nov. 16 unveiled Isis, their long-rumored mobile payments joint venture that will route contactless transactions over Discover Financial Services’ network.
Barclaycard US, a subsidiary of Barclays PLC, is expected to be the joint venture’s first issuer, according to an announcement about the deal.
Former GE Capital executive Michael Abbott is leading the Isis mobile-commerce network.
“We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, rewards cards, coupons, tickets and transit passes,” Abbot said in a release.
The joint venture will rely on Near Field Communication technology to enable consumers to use their mobile phones for point-of-sale transactions.
Reports about the three telecommunication giants’ joint venture first surfaced in August (
NFC discussions and pilots have been under way throughout the world for several years, but with continued delays. One of the biggest recent announcements came from the Netherlands, where a group consisting of banks and mobile operators in September agreed to form a joint-venture company to support NFC mobile payments at the point of sale in 2012 (
