Thursday, August 15, 2013
Isis adds prepaid to mobile wallet
The American Express Co. reported it will add its Serve prepaid card to the Isis Mobile Wallet. The addition gives Isis, the near field communication (NFC)-based mobile payment venture created by AT&T Mobility, T-Mobile US Inc. and Verizon Wireless, a way for financially underserved individuals without access to credit and debit cards to use the mobile wallet to pay bills online and conduct money transfers.
"Linking the platforms will allow millions of people to conveniently and inexpensively manage and move their money," said Dan Schulman, Group President, Enterprise Growth at American Express.
Isis Chief Executive Officer Michael Abbott added, "Our relationship with American Express Serve underscores our mutual commitment to providing consumers with choice and value in mobile payments."
Via the Isis Mobile Wallet, Serve users will be able to:
- Load funds (including cash) to Serve accounts
- Tap and pay with phones at any NFC-enabled retail location that accepts AmEx
- Pay bills electronically
- Make person-to-person payments to other Serve accountholders
- Add funds using direct deposit
Isis is expected to launch its service nationwide before the end of 2013.
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