The first thing you may ask is what is mobile commerce? I’ll explain how it works and what it is. Also nick named Isis, the new “mobile commerce network” aims to use NFC (near-field communication) technology to make mobile phones the preferred method of payment for point-of-sales transactions, enabling contactless mobile payments and commerce services. NFC uses short-range, high frequency wireless technology to enable the encrypted exchange of information between devices at a short distance. The new system is being designed and built to include strong security and privacy safeguards.
Found in the press release of the official announcement were the following statements. “While payments are at the core of the offering, it is only the start. Isis intends to deliver a complete mobile wallet experience that goes well beyond ‘credit card on a phone’ and makes the shopping experience significantly easier by eliminating the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.”
The tri-network launch is expected to be released in “key geographic markets” in the next 18 months with a customer base of over 200 million. That’s a lot of consumers! Michael Abbott, Chief Executive Officer of Isis, also formerly employed with GE Capital, is a veteran financial services executive with extensive experience in the payment and technology industries. Found in the press release at BGR he has some interesting things to say himself. See the next two paragraphs below.
“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.”
“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.”
Need to know more about Isis? I can explain that too. This joint venture is between the companies mentioned in the article and is chartered with building ISIS, a national mobile commerce network that will fundamentally transform how people shop, pay and save. ISIS is a trademark of JVL Ventures, LLC in the U.S. and/or other countries. Other logos, product and company names mentioned herein may be the trademarks of their respective owners.