Mobile payments developments from Isis wallet at Money2020

Mike Abbot presented the future of this smartphone based program.

Money2020 was stirring with the latest mobile payments news that was released by the Isis smartphone based wallet through the presentation made by its CEO, Mike Abbott.

The primary focus of the presentation was that the service makes paying simple, secure, and smarter.

The central element of the Isis mobile payments wallet is that a user is able to add a multiple credit cards into this digital service, and that each of these cards can be accessed through a single password or pin. Moreover, the type of card that can be added to the wallet is not limited to credit.

This mobile payments service also holds loyalty cards and opportunities for discounts and offers.

For example, beyond the loyalty cards that allow for points collection and redemption, for example, this mobile payments service also gives users the ability to receive and store coupons and deal offers that can be redeemed in store.

The mobile payments wallet is based on technology referred to as Smart Tap. This is an NFC based technology that allows a smartphone to be tapped against a reader device in order to complete a transaction.

Abbot announced that new phones are now being rolled out through partnerships with Verizon Wireless, AT&T Mobile, and T-Mobile. These devices will be sold with the Isis wallet preloaded, so that consumers will automatically have this service available to them upon the purchase of their devices. The launch of the preloaded phones will occur within the last quarter of this year.

It was noted that while some may think that mobile payments are not taking off at a rapid rate, the latest predictions for the United States are implying that half (50 percent) of all households will be using this type of transaction in at least one form by the year 2020. This indicates that the potential for growth in mobile wallets that are not limited to a single type of card and that also include loyalty programs and coupons, is a tremendous one and that it should not be overlooked or underestimated.