The ability to pay by mobile phone is getting close than ever as three major wireless carriers have announced partnerships with Visa, Mastercard, Discover, and American Express.
This could prove an amazing deal for carriers AT&T, T-Mobile USA, and Verizon Wireless, as creating a good network for customers to use involves dealing with a number of different type of payment entities including the merchants themselves, the consumers, the companies that make the hardware to make it all possible, as well as the banks involved. Because the credit card companies are now onboard, though, the process could only get easier.
Many carriers, though, are not participating in what has been dubbed as the Isis Joint Venture, most notably Sprint. Many other companies are competing for this idea of a mobile wallet now too, like Google and Square, a start-up. Credit card companies themselves have even announced plans to create digital wallet technology. The winner in this race to the finish will likely be determined early next year as Isis plans to roll out its program across the four major payment networks.