Isis, a venture of three of the top four U.S. mobile providers, said on Monday it has signed a deal with three major banks that would allow consumers to make payments through their mobile phones.
Isis, the mobile payment venture of Verizon Wireless, AT&T Inc, and T-Mobile USA, hopes to convince consumers to start using their mobile phones to pay for goods instead of plastic credit cards or cash.
Isis said it has inked deals with JPMorgan Chase, Capital One and Barclaycard that would allow the bank customers to purchase goods by making payments via mobile phones.
Isis will compete with the likes of Google Inc, which is planning on its own payment service known as Google Wallet. Google is also trying to launch its services through a partnership with giants such as MasterCard Inc and Citigroup Inc.
Verizon Wireless is a venture of Verizon Communications and Vodafone Group Plc, while T-Mobile USA is a unit of Deutsche Telekom. (Reporting by Sakthi Prasad. Editing by Jane Merriman)