The mobile payment field has already grown dramatically just this year. Now The Los Angeles Times reports the major telecommunications companies have announced they intend to introduce their new payment system, Isis, at the start of next year.
Isis is a joint venture between AT&T, T-Mobile and Verizon. The project was initially conceived as a challenge to the major credit card networks, but quickly scaled back to a simpler method of payment.
Isis aims to incorporate near-field communication, or NFC, technology into phones similar to the methods used in Google Wallet. These systems allow smartphones to communicate with card readers with a simple wave or tap, and software designed for these transactions can collect relevant information into a single location to speed up the process.
The Isis designers announced the program is set to launch at the beginning of 2012 in Salt Lake City, Utah, and Austin, Texas. The service could expand to a half-dozen more cities that year, but further growth would not come until 2013.
Google Wallet, Isis’ strongest current competitor, launched in May this year in New York and San Francisco.