The joint venture from T-Mobile, Verizon, and AT&T has now finally launched throughout the U.S.
The approach of the Isis mobile payments wallet launch was first reported by Mobile Commerce Press from the Money2020 event, and now the day has finally come in which the service has rolled out across the United States so that users will be able to use their devices to pay for their purchases.
Now the market is wondering whether or not Isis will be any more successful than its many competitors.
Although there are around 40 handsets that are considered to be compatible with Isis mobile payments, they still represent a considerable minority of the devices currently owned by Americans. This has generated significant skepticism as to whether or not the carrier backed venture will have any more luck than its primary competition, Google Wallets, which remains primary little known and little used.
Furthermore, there are many other barriers to adoption presented by this mobile payments method.
Even among consumers who do have the right type of smartphones – which are exclusively Android based and require specific types of technology – using this mobile payments system isn’t merely a matter of obtaining the wallet app. Though an app is required from the Play Store in order to use the service, there is also a physical update that must be made to the device before purchases can be made.
In order to use the “contactless” mobile payments from Isis, the smartphone user with the right kind of Android device will need to head to AT&T, T-Mobile, or Verizon Wireless in order to obtain an “enhanced” SIM card in order to improve the security on the device so that it will be possible to safely use the service. Once that card has been activated, then credit and debit cards can be added to the digital wallet, and the consumer can find retailers, restaurants, and other locations which accept this form of transaction.
The number of shoppers across the United States who will actually choose to make this effort to select Isis mobile payments over others – or traditional card and cash-based methods – has yet to be seen.
This will be the first person to person experience that will be available to residents of the country.
Maybank Singapore has just announced that it has become the first person to person mobile payments service in the country with the launch of its Maybank Mobile Money app.
This allows consumers who have the app on their smartphones to send funds to anyone.
Through the use of this mobile payments service, people in Singapore will be able to download the app and then send money to whomever they want through the use of a cell number created by Tagit. That company is an award winning mobile device solutions company.
The mobile payments service is designed to allow funds to be sent between online banking customers.
This gives them the opportunity to share funds through a mobile payments service at any time through a Singapore-registered cell phone number. Then, the recipient can collect the money directly into his or her bank account based in Singapore. This service closely reflects the growing connection that people in the country have with their smartphones, as they use them for a growing number of their everyday activities. Maybank is also using it to help to further decrease the current reliance that the population has on cash.
According to the Maybank Singapore head of information technology and virtual banking, Lim Kuo Sion, “Consumer behavior is changing rapidly, aided by newer technologies. With the growth of Singapore’s smart phone and tablet penetration, we see a greater reliance on our trusted devices for daily tasks, including financial transactions.” He went on to add that this mobile payments service is an innovative solution that can simplify the process even more by allowing customers to take control over their own transactions to known recipients. He underscored that this convenient method is instant and secure, making it highly appealing.
The belief at Maybank Singapore is that by giving consumers the chance to send mobile payments directly to smartphone numbers, it will reduce the need to use checks and cash when giving money from one person to another. This will also provide customers with an additional transaction method that will suit their increasingly mobile dependent lifestyles.
