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Isis is the ancient Egyptian goddess of simplicity among other things  (Source: Wikipedia)
Isis will create a mobile payment system using mobile phones

In some countries paying for things using your mobile phone is common today, but here in the U.S. it is still a rare occurrence. That will change in the future, though, if major carriers like AT&T, T-Mobile, and Verizon Wireless have anything to say about it.

The three wireless carriers announced that they are forming a joint venture that will construct a nationwide mobile payment infrastructure through a joint venture called Isis. The goal of the three firms is lofty. They want to fundamentally change the way consumers pay for goods and services. Isis will focus on building a mobile payment system network allowing mobile phones to make purchases at the point of sale by using smartphone and NFC technology.

Isis plans to introduce its technology in the next 18 months in key demographic markets. The CEO of the Isis joint venture will be Michael Abbott. Abbott was formerly with GE Capital and he is a financial services veteran.

"Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers," said Michael Abbott, Chief Executive Officer of Isis. "While mobile payments will be at the core of our offering, it is only the start. We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes." 

Isis is working with the Discover Financial Services payment network to develop its infrastructure. The first company to roll out the service to consumers is expected to be Barclaycard US.

"We believe the venture will have the scope and scale necessary to introduce mobile commerce on a broad basis. In the beginning, we intend to fully utilize Discover's national payment infrastructure as well as Barclaycard's expertise in contactless and mobile payments," said Abbott. "Moving forward, Isis will be available to all interested merchants, banks and mobile carriers." 

The system will operate by using contactless NFC mobile payments with short-range high frequency wireless tech that will be encrypted and able to exchange data only over short distances. Isis is building the tech with "strong" security and privacy safeguards. The three mobile carriers first announced their plans in August of 2010.

Bloomberg quotes analyst Philip Philliou, a payments industry consultant from Philliou Selwanes Partners, as saying, "[Abbott as CEO] should definitely cause MasterCard and Visa to take this initiative very seriously. You have someone who understands consumer payments, as opposed to this being someone from the telecom industry."

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By fic2 on 11/16/2010 11:00:04 AM , Rating: 5
Swowcase of the payment systme? My browser has a spellcheck what about yours?

RE: Swowcase?
By DanNeely on 11/16/2010 11:29:23 AM , Rating: 4
They should be writing their articles in a real word processor which would also include a grammar check.

"The firms company to roll out the service to consumers is expected to be Barclaycard US."

RE: Swowcase?
By FITCamaro on 11/16/2010 2:19:02 PM , Rating: 1
Notepda isn't godo enuf yo?

RE: Swowcase?
By FITCamaro on 11/16/2010 2:18:09 PM , Rating: 1
Seriously. And then in the subtitle there's another blatant error.

Do these people actually get paid to write this stuff? I mean if I make a mistake, no big deal as I didn't get paid to write this comment. But I still try as a matter of principal and pride to spell things correctly.

RE: Swowcase?
By foolsgambit11 on 11/16/2010 2:47:20 PM , Rating: 3
No big deal, but 'principle'.

RE: Swowcase?
By FITCamaro on 11/16/2010 3:08:07 PM , Rating: 2
See. I make mistakes too. But I'm also not a professional writer. Or supposedly one.

RE: Swowcase?
By Paj on 11/17/2010 9:34:42 AM , Rating: 2
You have to agree though, excellent irony.

By jimbojimbo on 11/16/2010 11:18:18 AM , Rating: 3
In the beginning, we intend to fully utilize Discover's national payment infrastructure

Discover?? Does anyplace except the DMV still take Discover?

Either way not even every place accepts Visa or Mastercard so I doubt not carrying cash will ever be an option.

My question is how they will pull this off with maintaining tight security and still making it not so complicated that people would adopt to using it.

By DanNeely on 11/16/2010 11:23:31 AM , Rating: 2
Only 2 of the dozens of businesses I deal with on a regular basis take Visa/MasterCard but not Discover (IIRC they don't take Amex either).

By fic2 on 11/16/2010 1:00:57 PM , Rating: 2
Most places I do business with take Discover - this is in Colorado. But when I was in AZ a 2-3 years ago it seemed like very few did. I know the gas stations didn't. Even though there was a large Discover call center there.
CO governments don't seem to take Discover but they do take AmEx.

I did have an amusing experience several years ago. I was at someplace (don't remember where) and tried to use my Discover card. The place didn't take it. I asked what they did take: Visa, MC, AmEx, Carte Blanche, Diners Club. I don't know anyone except my dad who has a CB and DC card and just laughed that they would take those but not Discover.

By The Raven on 11/16/2010 2:06:19 PM , Rating: 2
This is so funny because we just had this conversation in our office yesterday. (In our office of 5 people) one guy comes in and complains that Nieman-Marcus wouldn't take anything but AMEX, and then says that that is like saying that they only take Discover because no one uses that. Then 2 of my co-workers piped up with me saying how we love our Discover cards. I told him that Costco is Amex only, and that Sam's is Discover.

I mentioned that I only use my Visa or Mastercharge only when there is not the option to use Amex or Discover which is rare really. I just went to a mom and pop Chinese restaurant the other night and they only did MC Visa (please don't hurt 'em). That is the only time in the past month where we have had to use either of those (FYI we are in the StL area).

One of my co-workers said that Discover is the only CC she has. Otherwise she uses Visa debit.

By fic2 on 11/16/2010 4:07:15 PM , Rating: 2
I have Discover and Visa. Have had Discover since '84 - a friend's father worked on the startup of it from Sears via DeanWitter. It was pretty cool seeing the card mockups and stuff before it had even been announced. I use my Visa about 4 times a year. Otherwise Discover or cash.

Discover was much better back in the day when you could take a free cash advance, put it in your money market account at 5% interest and pay them back in 60 days.It was a good way to make beer money.

By bobcpg on 11/16/2010 11:05:31 AM , Rating: 1
Well if its anything like text messaging I'm sure the surcharge will be 1% now but 20% in 15 years!

By DanNeely on 11/16/2010 11:25:49 AM , Rating: 2
Won't happen. A (small) minority of businesses are already in revolt over Discover/Amex's higher fees (I think only a 1%ish difference); if they tried pushing fees that high there'd be a mass revolt of merchants.

By HrilL on 11/16/2010 2:02:50 PM , Rating: 1
I tend to agree. Last place I worked in a retail environment. Was a Medical Marijuana dispensary and while we could technically process Discover and AMX we didn't take them. It was 1%-2% more than Visa and Master card.

So lets see you go to a bar and want to have an open tab? So you have to leave them your phone? I think I'll stick with my good old plastic cards that are not constantly broadcasting my payment information out.

Their system will likely be hacked pretty quickly. Everything else the Telecoms touch gets hacked and they try to keep it secret. I hardly trust these companies with my phone service I'm sure as hell not going to trust them with my money. I'll be a hold out on this one.

First Dropped Calls, Next Dropped Payments!
By ThisSpaceForRent on 11/16/2010 11:13:24 AM , Rating: 2
Because you know it will happen! (Probably not, but I can poke fun at the idea anyway.)

By DanNeely on 11/16/2010 4:00:19 PM , Rating: 2
3g wireless is one of the connection options for current credit generation card scanners/atms.

"Intel is investing heavily (think gazillions of dollars and bazillions of engineering man hours) in resources to create an Intel host controllers spec in order to speed time to market of the USB 3.0 technology." -- Intel blogger Nick Knupffer
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