Verizon, AT&T and T-Mobile have created a joint venture called ISIS last year with the goal of creating a mobile payment network that would enable users to make point-of-sale purchases using their mobile phones. Verizon is complementing ISIS with a new mobile payment system together with Payfone.
The two companies announced their intentions of working together to bring a new mobile payment system to Verizon Wireless customers. When the system will be in place customers will be able to make purchases using their smartphones (as well as tablets and PCs) “using numerous payment methods, including charging purchases to their monthly wireless statements or using traditional payment methods through financial institution partners”.
Basically you’d be able to make purchases using your phone number and adding those to your monthly bill in addition to being able to link your Payfone account with a bank account or credit card. “Through our relationship with Payfone, we will be able to quickly offer value to our customers by offering them greater choice and a simple, safe and secure purchasing experience when shopping online from their smartphones, tablets and PCs”, says Greg Haller, marketing vice president, Verizon Wireless.