Tuesday, February 25, 2014

Isis CEO: Foundation of mobile payment is in place

"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 Isis's 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.

Abbott said Isis 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.

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