Isis, the mobile payment processing network put together by AT&T, T-Mobile and Verizon, recently reached an accord with Visa, MasterCard, American Express and Discover to foster adoption of the program, according to a report from Forbes. The participation of these companies was seen as a major hurdle to getting the system, which will be tested in Salt Lake City, Utah, and Austin, Texas, in the first half of 2012, off the ground.
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“This is a major milestone,” said Isis chief executive officer Michael Abbott. “We’re bringing together incredibly fierce competitors for the common good of helping consumers make mobile payments.”
Using the system, consumers will be able to load their payment information on smartphones with near-field communications technology, and will be able to wave the devices in front of a sensor to make a mobile purchase rather than swipe their cards the traditional way, the report said. New estimates show the mobile payment industry could be worth as much as $1.13 trillion annually by 2014.
Many consumers have not been especially eager to adopt this payment method, however, as there has been some concern over how secure it would be.
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