"I believe a foundation is in place," Isis CEO Michael Abbott said that during his keynote address during the Mobile World Congress trade show on Tuesday. Mobile payments venture
Isis is a joint
venture between Verizon Wireless, AT&T, and T-Mobile.
|Photo from Flickr|
Abbott is optimistic that mobile payments will grow in a big way. He noted that the world would see 300 million smartphones shipped that are capable of using
mobile-payments system. On the merchant end, 95 percent of the new
point-of-sale terminals will ship with near-field communications, or NFC, the
wireless technology Isis and Google Wallet uses to execute a transaction.
has 90 percent of devices covered with the compatible NFC technology, although
he counts the iPhone, which needs a specially designed cover to use NFC.