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19 Jul

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Wave or Tap Your Smartphone To Purchase – Coming Soon!

July 19, 2011 | By | No Comments

A couple of months ago I wrote about the steps that major players such as Google, Apple, Verizon, etc. were taking to enter the mobile payments field.  The steps involve getting their products ready to support the next wave in mobile, NFC (near-field communication). With NFC, you’ll no longer need your wallet or credit cards to make a purchase, just swipe your phone and cha-ching, you’ve paid.

One of the items mentioned was a joint venture between Verizon, AT&T and T-Mobile called Isis. The three wireless service providers have united to build the mobile payment network that will facilitate the use of NFC with smartphones. If NFC is a new term for you, check out the video on the Isis site.

Isis announced today that it will support payments from the four major national payment networks – Visa, MasterCard, Discover, and American Express. From Michael Abbot, chief executive officer for Isis, “Since the formation of Isis in November we have been committed to building a mobile commerce platform that aligns and advances the interests of consumer, merchants and banks.” The initial launch markets are Salt Lake City, Utah and Austin, Texas.

In addition to the Isis announcement, Mashable reported last week that PayPal will soon allow Android users to make peer-to-peer payments using NFC with an update to its PayPayl Mobile app. If you haven’t heard about this or seen how it will work check out the demo on venturebeat.com.

Although it will take some time before this new mobile wallet becomes available to all of us and hits mainstream commerce, it is the future and it’s getting closer and closer. I don’t know about you but I’m getting a very Minority Report feeling when I watch the videos.

What are your thoughts on swipe and go with your smartphone?

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