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Isis is a mobile-based payment technology that will allow you to use your phone as a debit card, loyalty card, and coupon service all at once. This kind of technology has existed for a while now, (Square is probably the most successful mobile payment system to date) but Isis is a joint effort from AT&T, T-Mobile, and Verizon, which means that this will be the system that wins. From the press release:
“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.”
Gary Shteyngart’s äppärät devices just got a whole lot less fictional. Expect a huge push for this in the coming year. And, fuck: Why not? Cell phone carriers have proven to be at least as trustworthy as banks. Maybe we should just give our finances over to them.
As I’m sure others will point out, most of Asia has already been doing this for years.
I’ve been wanting this as soon as I broke in my iPhone. Makes so much sense.
Finally! It’s so inconvenient having to lose two or three things before my life is destroyed. Now I can do it in one easy step!
But … I don’t have a phone.
Why don’t you all just give me your cash while I hack your accounts with this cheap reader pad I affix next to the receiver …
Y’all be sure to let me know how this works out for you . . . because I won’t be using it.
Yeah, who wants all that info stored on one device? When I go out I take one credit card. If that’s lost, I still have the others at home.
Since the recent swoop of credit card/debit card fraud in my neighborhood (Cap Hill), I’ve taken to using cash.
It’s something one will be able to do, but not be required to. I feel very happy so many of my friends will get another reason to believe their $100 a month to the phone company is a wise investment.
@7 that’s what they said about payphones. and how cellphones were ok.
Um, where’d they go?
Square is a product that allows you to accept payments on the go (not make them with your phone); and it’s very certainly not the most successful one to do that to date, unless success equals getting blogged about. Come on dude… stick with books. You lose so much credibility when you write about technology and business.
Square was successful in the way Zune and Kin were successful…lots press, but no traction whatsoever.
Just as long as it’ll also keep the checkbook on my phone updated and provide me with instant bank balances on my accounts (US Bank Mobile Banking still leaving a few things to be desired).
I’m not a big fan of wirelessly transmitting my financial data to everyone within 20 feet of me. The whole point of the financial world is to make purchases simple, easy, insecure and to do it as many times as humanly possible. Neither the phone carriers or the banks really care about my financial security, they just want to make it easier for us to buy as many things as humanly possible as fast as humanly possible. This big new thing, is a load of bullshit served up with a side of Asia has been doing this for years. Cash > *