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There may be a mobile platform war brewing, yet ISIS CEO Michael Abbott was surprisingly supportive of rival Google Wallet in a recent interview with CNET. When asked about igniting mobile payments, Abbott said of Google Wallet, "It's the best thing that could happen."
"Competition is what this space needs," Abbott said in the interview "There will be multiple solutions out there, and none of them are wrong.”
(EXCLUSIVE: Google’s Payments VP Shares New Insights about Digital Wallet Strategy)
Abbott argued that a higher number of solutions will increase consumer awareness of mPayments and doesn’t believe there will be definitive winners or losers in the space, according to CNET’s Roger Cheng.
"Anything that gets people moving is fine by me," Abbott added.
ISIS, the mCommerce JV from carriers AT&T, Verizon Wireles, and T-Mobile USA, centers around an open platform that merchants, card issuers and other parties can use to offer mPayment options to consumers. Google Wallet, meanwhile, currently operates exclusively on the Sprint Nextel smartphones. Visa is looking into creating its own eWallet, and American Express last week announced a $100 million investment to pursue digital payments.
CNET reports Abbott explained that ISIS will be testing several revenue schemes, including rental charges for access to the platform. Google, on the other hand, plans to offer its mPayment services to banks and retailers for free in exchange for consumers’ personal information, as it looks to expland its targeted ads business.
ISIS pilots will begin next year in Salt Lake City and Austin, Texas. Abbott said he isn’t worried about keeping up with Google’s rollout timeline.
"We absolutely want to get out fast, but we won't put out anything until it's ready," he said. "The customer experience is infinitely more important than speed."
Click here to read more on Abbott’s thoughts on NFC and mPayment business models.
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