Isis adds American Express Serve payments to mobile wallet
Isis, the Near Field Communications-based mobile commerce network spearheaded by Verizon Wireless (NYSE:VZ), AT&T Mobility (NYSE:T) and T-Mobile US (NYSE:TMUS), is adding American Express' Serve digital commerce services to its mobile wallet, slated to roll out nationwide later this year.
Serve, introduced in early 2011, consolidates multiple payment options into a single digital account that consumers can fund from their bank, debit or credit card account, or by receiving cash from another Serve user. By adding Serve to the Isis Wallet, Verizon, AT&T and T-Mobile subscribers with Isis-ready smartphones may complete tap-and-pay transactions at any NFC-enabled retail location that accepts American Express, pay bills online and send money to friends and family.
American Express positions Serve as a low-cost digital alternative to traditional payment services: According to the FDIC, close to 70 million Americans do not have bank accounts or access to credit. "Linking [Isis and Serve] will allow millions of people to conveniently and inexpensively manage and move their money," said Dan Schulman, American Express group president, Enterprise Growth.
Isis previously announced wallet support for American Express' U.S. Consumer and OPEN Small Business Cards. The firm has also inked deals with credit card providers Capital One and Chase.
Isis kicked off consumer pilots in the Austin, Texas and Salt Lake City markets in the fall of 2012, enabling customers to fund purchases, use store loyalty cards and redeem discounts and coupons across thousands of contactless-enabled merchant locations, including Macy's, Jamba Juice, Aéropostale, Foot Locker and Whole Foods. Isis also is partnering with cashless payment services firm USA Technologies on mobile loyalty programs optimized for the vending machine industry.
Late last month, Isis announced plans to expand its services across the U.S. by the end of 2013. The company also pledged to extend its mobile wallet beyond Google's (NASDAQ:GOOG) Android to support Apple's (NASDAQ:AAPL) iOS, Microsoft's (NASDAQ:MSFT) Windows Phone and BlackBerry (NASDAQ:BBRY).
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