M-Commerce: Revolutionizing Payment Systems
Credit card companies JP Morgan Chase, Capital One and Barclays are among the first companies to sign up for mobile-payment services from Isis; a joint venture between AT &T, T-Mobile and Verizon. Beginning in summer 2012, their customers will be able to pay in stores by tapping their phone against a merchant terminal. In addition to being a new payment method, the feature gives businesses an exciting opportunity to provide customers with easy access to their loyalty programs and give them instant access to targeted offers.
Isis isn’t the first mobile-payment service. Last year, Google launched its own mobile payment scheme last year, Google Wallet. The service allows customers to use a payment app on Android Smartphones to pay for purchases with select Citigroup MasterCards.
The rolling out of mobile payment services has been slowed by the fact that many handsets are not yet equipped with Near Field Communication (NFC), the software essential to processing Smartphone payments. However that is all changing. Handset manufacturers Samsung and HTC Corp are now incorporating the technology into their phones and Isis is working with DeviceFidelity Inc to create a microSD card equipped with NFC allowing the software to be added to some existing phones.
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