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“The carriers have to include MasterCard and Visa,” Drew Sievers, cofounder and chief executive of mobile banking technology powerhouse mFoundry, told the newspaper. “Not including the 800-pound gorillas of the industry will make it very hard to succeed.”
Instead, the phone companies will focus on turning Isis into the same type of mobile wallet program that many other companies are developing, the report said. Now, the service will likely only allow consumers to store payment information on their smartphones, and use those devices to make purchases with near-field communications technology.
Many companies are developing similar mobile wallet programs in an attempt to cash in on the expected boom of smartphones being used to make purchases.
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