Venture to be headed by former GE executive Abbott
Discover, Barclays are first partners
Isis to use near-field communication technology
NEW YORK, Nov 16 (Reuters) – Three of the top four U.S. mobile phone operators — VerizonWireless, AT&T Inc (T.N) and T-Mobile USA — have formed a venture known as Isis aimed at building a national mobile payments network.
Countries such as Japan have had mobile payment systems for years, that allows consumers to simply wave their phone at a terminal to pay for items such as train tickets.