Isis’ mobile wallet product will be preloaded with spending money on a prepaid card account, according to Digital Transactions.
“The first money [users] spend won’t be their own,” said Jim Stapleton, chief sales officer for Isis, at an event last week attended by Digital Transactions. Stapleton pointed to the rollout for Google Wallet as a leading example of Isis’ strategy, when phones equipped with Google Wallet had $10 in credit preloaded upon delivery. Stapleton did not say how much money Isis would preload onto its phones.
Isis — the joint venture between Verizon, AT&T, and T-Mobile — has NFC agreements in place with each of the four major U.S. payments networks, and is preparing for a “soft launch” later this year in Austin, Tex., and Salt Lake City. On Tuesday, Digital Transactions reported that Isis had roughly 1,000 merchants signed up to accept payments from its new platform.
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