It’s not often that the mobile carriers, like AT&T (NYSE:T), Verizon (NYSE:VZ) and T-Mobile, team up on things. But when it comes to the race for creating a mobile payments platform, the stakes are extremely high. To this end, the companies have been developing Isis, which is expected to launch in September.
As should be expected, there have been delays. In fact, Isis was supposed to launch in the first half of 2012. Then again, it’s never easy for rivals to work together.
Besides, building a mobile payments system involves complex systems and security requirements. For example, Isis relies on phones that have NFC (near-field communication) technology, which allows for short-form data transmissions.
Right not, only T-Mobile has phones equipped for this, so the company will be a the center of attention when Isis launches and could give the company a much-needed boost.
The mobile system will probably take time to get traction with consumers, though (which is often the case with a new technology). What’s more, the competition is intense, with players like eBay (NASDAQ:EBAY) and Google (NASDAQ:GOOG) also getting in the game.