Changing The Way We Shop: Mobile Phone Based Payment System
What is Isis? It's what Discover, Barclaycard, AT&T, T-Mobile, and Verizon are calling their mobile phone-based payment system. If you're sick of lugging around credit and debit cards, cash, coupons, tickets, reward cards and all the like, then keep on reading! Isis will use near-field technology communication (NTC) and cell phones to revolutionize the payment process. Remember those Speedway wands that you could wave in front of the Speedway horse at the pump? Then when it lit up (because it was linked to your credit card), it meant you could pump your gas? Well, that's what it is, except in this case it's your cellphone and not a wand, and it could hold (what sounds like) all of your information for every single account you have.
My initial concern would be, what if I loose my cellphone? What if my "cousin" wanted to use my new "wallet"? As with every new system, I'm sure that it will be encrypted with high security to protect our precious information.
I think this will catch on quickly, but I'm a little hesitant. How likely are you to transition? Personally, I think I would initially start with reward accounts only. Then begin including credit cards slowly from there...or maybe I'm paranoid.