Verizon Wireless, AT&T and T- Mobile USA plan to invest $100 million in their Isis mobile wallet venture, Bloomberg reports. The amount of funding depends on how successful Isis is at attracting banks and merchants. $100M for Isis
Separately, Visa is encouraging U.S. retailers to shift to retail checkout systems that let consumers pay using their mobile phones. Visa says it will let merchants that switch to credit-card readers supporting EMV technology to forego costly annual security certifications.
EMV is an open standards set of specifications for smart card payments and acceptance devices. The EMV specifications were developed to define a set of requirements to ensure interoperability between chip-based payment cards and terminals. EMV actually could extend the use of card-based payments, as well as play a role in mobile payment capabilities as well.
Starting in 2015, it will also stop requiring banks to reimburse most merchants for some types of credit-card fraud, which can be prevented by using EMV systems, Visa says. Both moves will save retailers money on their transaction support operations. Visa ncourages retailers to adopt EMV