Three of the biggest players on the market, AT&T, T-Mobile and Verizon Wireless have announced a joint venture around mobile payments chartered with building ISIS, to lead the U.S. payments industry from cards to mobile phones.

Isis’ main priority will be the creation of a mobile payment network that would enable users to make point-of-sale purchases using their mobile phones. Payments for in-store purchases will be made using smartphones and near-field communication (NFC) technology — something we know the upcoming Android 2.3 Gingerbread will support thanks to Eric Schmidt.

“While mobile payments will be at the core of our offering, it is only the start. We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes”, said Michael Abbott, appointed CEO of the new joint venture. Isis is expected to introduce its service in key geographic markets during the next 18 months while Barclaycard US is expected to be the first issuer on the network. Isis is also currently working with Discover Financial Services to develop an extensive mobile payment infrastructure for the joint venture.

Source: Verizon