updated 05:25 pm EST, Mon February 27, 2012
Chase, Capital One, Barclaycard first companies
Isis, the mobile commerce venture between AT&T, T-Mobile, and Verizon have finalized their wireless payment standard for mobile devices, calling it Isis Mobile Wallet. It's due to launch this summer, with Chase, Capital One, and Barclaycard being the first banks to sign up and have their credit, debit, and prepaid cards be compatible with the system. The first merchants to support the system will be located in Salt Lake City and Austin, Texas. Like Google Wallet, its major competitor, Isis Mobile Wallet let users securely pay for goods and merchandise with their handsets.
Other uses include redeeming coupons and presenting loyalty cards to earn points. Users will need to load their physical cards' information into their handsets and the secured Isis Mobile Wallet app.
Isis already has Visa, MasterCard, Discover, and American Express committed to its service.
A national roll-out of Isis Mobile Wallet is planned for later, though exactly when isn't being revealed.