Michael Abbott, CEO of a carrier-backed mobile payments joint venture, shares an interesting perspective on Google Wallet, stating that its presence is beneficial for the industry. Abbott believes that having multiple players in the mobile payments space creates healthy competition, driving innovation and increasing consumer awareness. He emphasizes that having various options available is a positive outcome for consumers.

Isis, the venture involving major carriers like AT&T, Verizon Wireless, and T-Mobile USA, is positioning itself uniquely in the market. Unlike Google Wallet, which is controlled by Google and utilizes customer data for targeted advertising, Isis is developing a neutral platform that enables collaboration with retailers, credit card issuers, and payment networks without accessing customer data. Abbott highlights that Isis aims to offer a valuable platform that companies are willing to pay for to enhance their services.

Abbott acknowledges the importance of partnerships in the success of Isis and mentions ongoing discussions with potential partners who are interested in maintaining control over customer data. The venture has made significant progress by securing agreements with major payment networks like Visa, MasterCard, American Express, and Discover for its upcoming trial in Salt Lake City and Austin, Texas.

Isis recognizes the need for the necessary infrastructure, such as near-field communications technology in phones and merchant terminals, to support mobile payments. While Google’s initiative may be ahead in terms of timing, Abbott prioritizes ensuring a seamless customer experience and readiness across all partners before launching Isis. The focus remains on building a robust system and preparing all stakeholders to address any customer concerns effectively.

In Summary,

The mobile payments industry is evolving rapidly, with multiple players like Google Wallet and Isis introducing innovative solutions to cater to consumer needs. Michael Abbott’s perspective on healthy competition and the importance of consumer experience sheds light on the future of mobile payments. As companies strive to offer secure and convenient payment options, partnerships and infrastructure readiness play crucial roles in shaping the success of such ventures. For readers interested in mobile payments, staying informed about industry developments and advancements can help in making informed choices when adopting these technologies.

Visit our website for more insights on mobile payments and how these advancements can benefit you as a consumer.