17 Nov 2010
He demonstrated the service using “an unannounced device” – believe to be the next-gen Nexus phone. He said mobile payments “could replace your credit card” because the credit card industry believed the NFC chip was more secure than today’s cards.
Isis will go head-to-head with rival mobile payment services being developed by Visa, MasterCard and American Express, WSJ.com notes.
Take up of contactless payment technology in the US has been slow to date, with only 150,000 retailers on-board at present, Reuters reports.
A recent study of 2,000 US consumers conducted for mobile research agency mobileSQUARED found that 7.5% are happy making purchases on their mobile phone, though a further 6.6% said they would only spend up to $10.