AT&T, VZW And T-Mobile To Pump $100m Into Google Wallet Rival, Isis
Isis is one initiative that has been receiving on-again/off-again support from companies and carriers alike, and a new Bloomberg Businessweek report suggests that Verizon Wireless, AT&T and T-Mobile USA have a plan that will see $100 million invested into their joint venture. Isis is yet another option (rival) to Google Wallet, enabling customers who use those carriers to pay for goods with just their handset. This is according to people "familiar with the matter," but none of the companies have outright confirmed or denied.
$100m will likely go a long way in battling Google. Based on the report, the "amount of funding depends on how successful Isis is at attracting banks and merchants, said one of the people, who asked not to be identified because the financing is private." The trouble here is that Google has a huge name, whereas Isis isn't nearly as memorable. It'll be up to the carriers to market it, and it'll be up to them to get merchants interested in supporting it. After all, a mobile payment system is only as good as the quantity of firms that support it.
Will Isis rise up and overtake Google Wallet? Depends, but there's room for more rivals. Google Wallet currently works only on the Sprint Nexus S, so yeah, plenty of opportunity.