After its release was delayed in order fine-tune the customer experience, ISIS is being implemented inside the Aramark cafeteria, which is located inside Verizon's Basking Ridge, New Jersey Headquarters.
This trial release of ISIS comes not a moment too soon, as some of its major competitors in mobile payments, Google and PayPal, have been positioning themselves for future success. Also, rival corporation Square is on the verge of cashing in on the popularity of Starbuck's mobile payments, as Starbucks customers will be allowed to pay with the Square mobile wallet starting in November.
FierceMobileContent.com recently released an article that all but condemned ISIS's chances of ever becoming successful. While Ankeny's piece brought up valid obstacles that ISIS will face, such as merchants supporting other rival services and ISIS's restrictive format, it is overly critical and not looking at the big picture. ISIS will need a feeling out period, just as many of its competitors did and still has a high chance of being successful:
1. The high number of partnerships before its release
Even before ISIS recently released their trial version, the mobile payment system had already attained a high level of industry support.
ISIS has made partnerships with leading financial services companies, such as:
- American Express
- Capital One
Furthermore six different device manufacturers, HTC, LG, Motorola Mobility, Research In Motion, Samsung and Sony, will be introducing products that support the ISIS platform. To add to this, ISIS has agreements with point-of-sale terminal manufacturers VeriFone, Ingenico, ViVOtech and Equinox Payments.
This is a major factor and gives ISIS the upper hand because much of the competition have only recently begun to draw the support of financial service companies.
2. ISIS's mobile wallet has good security
One of the biggest question marks for mobile wallets has been how they will maintain security. ISIS seems to have this problem solved, as the mobile wallet is PIN-protected. This prevents account information from being accessed directly from the wallet on the phone. In addition, customers can call carriers to have the contents of their mobile wallet remotely wiped if they lose their phone. Thus, customers are well protected in the instances of theft or losses of their phones.
3. ISIS was developed by mobile carriers
ISIS is a joint project of Verizon Wireless, At&T, and T-Mobile USA. This is one of the most important factors because these mobile carriers will want to push their own product, rather than allowing customers to use alternative mobile wallets. This was already seen when the three carriers shunned Google Wallet on their networks. Competitors are obviously having success because they have a head-start with ISIS not being ready for release. But with ISIS now on the move, and the mobile wallet having access to such major platforms, it’s hard to argue that they won't surpass rival wallets.