Isis, the formidable mobile payments endeavor forged in partnership by Verizon Wireless, AT&T, and T-Mobile USA, want their fellow mobile and tech giant peers to join them on the mobile payments bandwagon.
Despite the invite to its competitors, Isis appears to concur with others who believe that Google and Apple will likely launch their own mobile payments systems. Regardless, Isis CEO Michael Abbott tells Forbes that any and all attempts to recruit like-minded partners – big and small – will be made for the sake of progress.
“We’re not just interested in the big guys,” Abbott said. “We want to let everyone play.” According to Abbott, for mobile payments to take off as they should, everyone will have to play well together. “This technology has been around for a decade,” he said. “What was missing was the business system to pull it all together.”
As MMW reported Monday, AT&T’s head of business solutions John Stankey has openly acknowledged that setbacks have recently emerged that impact the immediate growth of the mobile payments enterprise. The Dodd-Frank financial reform law is a prime example.
“Some changes in the banking laws occurred with the amendments that were put in with the Dodd-Frank bill… As transaction fees were limited and things were changed, it kind of changed the business model,”
Earlier this month, the Isis partners appeared to be pulling the plug on their jointly proposed Isis nationwide mobile commerce network. Rather than moving ahead on smartphone-enabled point-of-sale transactions, simpler mobile payment solutions in line with the so-called “mobile wallet” framework now appears to be the widely embraced mechanism by which the consumer shopping experience will be revolutionized.
Initially, Isis was formed to establish its own payments network, which would be profitable by collecting fees on transactions. Mobile customers would have payment accounts through their wireless carrier, instead of a credit card company.
As it presently stands, however, Isis has set its sights on Salt Lake City as its first launch market. Isis will partner with local businesses to debut a mobile payments pilot program before summer of 2012.