Hi all,

FYI, see the link for the rest of the article.

Take care,

Jay


Wireless Carriers Scale Down Scope of Mobile Payment System

By REUTERS

Wireless Carriers Scale Down Scope of Mobile Payment System - NYTimes.com

(Reuters) - The biggest U.S. wireless carriers, AT&T Inc, Verizon Wireless and T-Mobile USA, are not setting up a separate network for payments on transactions done by phones, the Wall Street Journal said.

Setting up a separate network would have been too difficult and time consuming, two people told the WSJ.

The joint venture, known as Isis, had originally planned to take market share from Visa Inc and MasterCard Inc, by setting up its own payments network and collecting fees on every transaction conducted via mobile phones.

But Deutsche Telekom AG's T-Mobile USA, AT&T and Verizon Wireless have now adopted a less ambitious goal to set up a "mobile wallet," that can store and exchange the account information on a users' existing Visa, MasterCard or other card, the paper said, citing people familiar with the matter.