November 16, 2010 | by Andrew Kameka
Eric Schmidt revealed yesterday that the upcoming Nexus S would be among the first phones to usher in a new era of mobile payments among U.S. consumers. AT&T, T-Mobile, and Verizon announced today it will be part of that era with a new commerce network named ISIS.
The three carriers will partner to create a system based on near-field communication; a roll-out will begin over the next 18 months. We covered this last August when it was still just a rumor, but the carriers have confirmed that they will undergo an effort to allow customers to pay for items with their cell phone. Barclaycard US and Discover Financial Services will be the banks handling payments for this joint venture.
NFC will allow consumers to make wireless payments within short distances. Placing the phone in front of a register with compatible hardware will accept payment from your phone, removing the need to fumble for your wallet and swipe the card. Security and privacy safeguards will be included to prevent theft or corruption of user data. A compatible NFC chip will be necessary for the payments to work, so expect to see this pop-up in new phones released next year.