US Networks Scale Back Mobile Payments Plans

Published on: 4th May 2011

­The USA's big three mobile networks are reported to be scaling back plans for an independent mobile payments platform, and have started talks with expected rivals, the credit card companies about a simpler mobile wallet service.

The Isis venture was formed by Verizon Wireless, AT&T and T-Mobile and was aimed at creating a mobile payments platform that would have competed with the credit card companies for smaller value transactions in retail stores.

Now, the group has adopted the less ambitious goal of setting up a "mobile wallet" that can store and exchange the account information on a users' existing Visa, MasterCard or other card, people familiar with the matter have told the Wall Street Journal.

It is excepted that having the credit card companies supporting the scheme will help the mobile networks build up both the consumer base as well as reaching out to the retailers who would have to modify their point-of-sale systems to handle the additional payment methods.

The move could also be a preemptive attempt to gain market share before Apple and Google launch their own expected mobile payments services, based on NFC chips in mobile phones.

On the web: Wall Street Journal

 

Tags: [verizon wireless]  [at&t]  [t-mobile]  [isis]  [mastercard]  [mobile wallet]  [USA]