Isis Has Strong Support for NFC-Based Mobile Wallet
Isis is making a big wager on NFC mobile wallet technology, and support from heavyweights such as JPMorgan Chase, American Express, and Wells Fargo even before the product’s national rollout adds to the credibility of the venture. Coinciding with the rollout was Isis’ full redesign of its app, and SimplyTapp CEO Doug Yeager says Google’s switch from hardware-based to software-based NFC via Host Card Emulation serves as a motivator for Isis to reconsider their view of the mobile wallet. Isis’ Tony Abruzzio says the major card brands’ commitment to NFC is driving Isis’ own commitment. “Why would you bet against the card brands?” he asks. “NFC is what they are doing, and it’s a huge scale and infrastructure being built by the card brands, from terminals through phones.” Meanwhile, despite the growth of alternative mobile payment solutions, analyst Todd Ablowitz says Isis could still be successful. Isis remains confident that its base of participating merchants and banks will continue to grow, while more NFC-enabled terminals and mobile devices will make their market debut.
From “Will Isis’ Commitment to Near Field Communication Pay Off in 2014?”
PaymentsSource (12/24/13) Heun, David