Since it’s inception, the concept of mobile payments has shown great potential, however limited options and adoption has led to this technology becoming nothing more than a novelty. In an effort to streamline and create a universal standard for the industry, several large companies have joined together to form a new Mobile Payments Committee. This group not only consists of all 4 major US Carriers (Verizon, Sprint, T-Mobile, and AT&T), but also includes VeriFone, Intuit, ISIS, and even Google itself. What truly makes this move monumental, is that financial institutions such as Wells Fargo, Captial One, American Express, Discover, Mastercard, and Visa have all signed on board as well. This marks a significant moment as it demonstrates this group is serious about making mobile payments a reality and a widely accepted option.
According to the press release, the primary goals of the Mobile Payments Committee include fostering relationships with merchants, ensuring consumer access to modern payment methods, exploring best practices and ensuring interoperability of networks, equipment and financial institutions. The committee will also take part in lobbying activities with legislators and regulators, and will additionally work to educate both merchants and consumers about the potential of mobile payments. The true question is what does this mean for the future of Google Wallet or ISIS? With so many competing companies partnering in this committee, does this group intend to create on universal payment method or will it open the doors for consumers to use any service without restrictions? The future is exciting indeed.