When AT&T, T-Mobile and Verizon came together to create the Isis mobile payment system, they touted a standalone service, powered by Discover's payment network, that would revolutionize the way we make small purchases on the move. Well, the revolution is still on schedule, apparently, but the big trio is now being said to have made a concession in reaching out to the incumbent leaders in this field, Visa and MasterCard.
The Wall Street Journal cites multiple sources in reporting that Isis has turned into a less ambitious "mobile wallet" project that would seek to let you use your Visa or MasterCard account via your NFC-capable smartphone. As far as the consumer is concerned, it's still the same swipe-to-buy proposition, but the move was apparently necessary for Isis "to avoid falling further behind" in the race to corner this developing market.
Mobile payments are certainly the new frontier that many large companies are racing towards. The adoption of NFC (Near Field Communications) technology and a NFC-based payment network could usurp the traditional wallet. ISIS, a joint-venture NFC network between AT&T, T-Mobile, and Verizon initially had plans that would butt heads directly with Visa and MasterCard, but have today announced scaling back those ambitions.
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