AT&T, T-Mobile and Verizon Wireless Announce Joint Venture to Build National Mobile Commerce Network


Source: Morningstar.com, November 16, 2010
Published here: Tuesday, November 15, 2010 @ 7:34 AM


AT&T, T-Mobile and Verizon Wireless Announce Joint Venture to Build National Mobile Commerce Network

Isis to Lead the U.S. Payments Industry from Cards to Mobile Phones; Available to All Merchants, Banks and Wireless Service Providers; Venture Led By Former GE Capital Financial Executive NEW YORK–(BUSINESS WIRE)–November 16, 2010–

AT&T Mobility, T-Mobile USA and Verizon Wireless today announced the formation of a joint venture chartered with building ISIS(TM), a national mobile commerce network that aims to fundamentally transform how people shop, pay and save.Michael Abbott, Isis CEO (Photo: Business Wire)

Isis’ initial focus will be on building a mobile payment network that utilizes mobile phones to make point-of-sale purchases. By utilizing smartphone and near- field communication (NFC) technology to modernize the payments process, Isis intends to deliver new levels of competition and value to consumers and merchants. Isis expects to introduce its service in key geographic markets during the next 18 months.

Michael Abbott has been named as Chief Executive Officer of Isis. Formerly with GE Capital, Abbott is a veteran financial services executive with extensive experience in the payment and technology industries.

“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 Brings Both Consumer and Merchant Scale

Founding members, AT&T Mobility, T-Mobile USA and Verizon Wireless, collectively provide wireless services to more than 200 million consumers who will have access to the Isis service. Isis is working with Discover Financial Services’ payment network, currently accepted at more than seven million merchant locations nationwide, to develop an extensive mobile payment infrastructure for the joint venture.

Barclaycard US, part of Barclays PLC, is expected to be the first issuer on the network, offering multiple mobile payment products to meet the needs of every customer.

“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.”

How It Works

The new venture will enable contactless mobile payment and commerce services using near-field communication technology. 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.

About Isis

The joint venture is between AT&T Mobility LLC, T-Mobile USA and Verizon Wireless and is based in New York City. The venture is chartered with building ISIS(TM), a national mobile commerce network that will fundamentally transform how people shop, pay and save. The Isis mobile commerce network will be available to all merchants, banks and mobile carriers. 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.

www.paywithisis.com

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. The words “anticipate,” “believe,” ” expect,” “may,” “plan,” “should” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, including, without limitation, those set forth in the discussions of factors that may affect future results contained in AT&T, Deutsche Telekom AG’s (T-Mobile USA is the U.S. wireless arm of Deutsche Telekom AG), and Verizon Wireless’ filings with the Securities and Exchange Commission. AT&T, T-Mobile USA, and Verizon Wireless disclaim any obligation to update and revise statements contained in this news release based on new information or otherwise.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/ mmg.cgi?eid=6513500&lang=en

CONTACT: Edelman

Troy McCombs, 206-268-2225

troy.mccombs@edelman.com

SOURCE: Isis Copyright Business Wire 2010

4 thoughts on “AT&T, T-Mobile and Verizon Wireless Announce Joint Venture to Build National Mobile Commerce Network

  1. IAmLonefrog

    A little dot connecting here………

    AT&T……

    “Symbols are oracular forms–mysterious patterns creating vortices in the substances of the invisible world. They are centers of a mighty force, figures pregnant with an awful power, which, when properly fashioned, loose fiery whirlwinds upon the earth. —Manly P. Hall, Lectures on Ancient Philosophy, p.356.

    Remember loose fiery whirlwinds…..

    Lucent Technologies is touting its newest software innovation, brand-named “Inferno.” Inferno! What message is this mega-giant company–formerly known as AT&T’s Bell Labs–trying to send us with its fiery whirlwind?

    http://spaceport666.tripod.com/666business.html

    VERIZON…..

    T MOBILE…….

    http://www.theregister.co.uk/2008/09/23/tmobile_satan_phone/

    Quirky little monicker for a phone don’t you think?

    Anyway, all of these gems will now fall under one name ISIS. How fitting.

    I recall having a conversation with Supriem and how his plans for making the cell phone “the new wallet” were coming along quite nicely. Could it be?

    I wonder……

    \\\splash///

    1. Plus the fact that Supriem has stated to me several times over the last 20 months that he is in collaboration with the Sirians.

      His mission has been to unite the Orions and the Sirians (see my e-book http://supriemrockefeller.wordpress.com ). I don’t think he cares about uniting the two anymore, though. He has other plans…

      I am not going to start a new discussion here, but some people think Supriem is a fake and a hoax. Not so.

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