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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Telco payment venture targets Visa and MasterCard Reuters - Wednesday, November 17 Send IM Story Print By Maria Aspan and Sinead Carew NEW YORK - Three of the top four U.S. mobile service providers -- Verizon Wireless, AT&T Inc <T.N> and T-Mobile USA -- are working together to build a network that would let consumers pay for goods with their phones. Their Isis joint venture, which was formally announced on Tuesday, plans to take market share from dominant payment networks Visa Inc <V.N> and MasterCard Inc <MA.N>, which currently process most U.S. credit and debit card payments. Sources told Reuters on Monday that an announcement was imminent. Isis said the network would use Discover Financial Services' <DFS.N> national payment network at its roughly 7 million U.S. merchant partners and that Barclaycard U.S., a unit of Barclays Plc <BARC.L> is expected to be the first lender on the network to offer mobile payment products. "We're a competitive alternative" to Visa and MasterCard, Isis CEO Michael Abbott told Reuters in an interview on Tuesday. Abbott, a former GE Capital credit cards executive, was named chief executive of the venture on Tuesday. Major banks, mobile phone companies and card processing networks are vying to enter the emerging U.S. market for mobile payments, which some say could eventually replace credit and debit cards as a primary means of payment. The idea behind mobile payments is for consumers to be able to wave their phone at a machine to pay for items such as train tickets, potentially eliminating the need to carry a wallet. But while such services are popular in places such as Japan, they have been slow to take off in the United States. Only about 150,000 U.S. merchants accept contactless payments, which allow consumers to wave a credit card -- or a phone -- close to a payment terminal instead of swiping it through a machine. WATCHING THE COMPETITION After kicking off its service with just Discover and Barclays, Isis plans to become available to other merchants, banks and mobile operators, the company said. The venture is a coup for Discover, the fourth-place U.S. processing network, which is trying to take market share after long lagging Visa, MasterCard and American Express Co <AXP.N>. "This is going to be a significant opportunity for us" to gain network volume, Discover payments services head Diane Offereins told Reuters in an interview. She would not provide more specifics about how much business Discover expects to gain from its participation in the venture. Isis said the venture would introduce its product in certain areas in the next 18 months. In the meantime, both Visa and MasterCard have been working with major U.S. banks to test their own versions of mobile payments. Visa, which has been testing smartphone payments with Bank of America Corp <BAC.N>, JPMorgan Chase & Co <JPM.N> and Wells Fargo & Co <WFC.N>, plans to make them more widely available to consumers by mid-2011. Visa executives downplayed the possibility of increased competition from the mobile carriers on Tuesday. But "we're watching it," Visa President of the Americas William Sheedy told Reuters in an interview. Isis said it will use a short-range wireless technology known as near-field communication , which enables an encrypted exchange of information between devices that are placed at a short distance to each other. Consumers would need to upgrade their phone to a device that has an embedded NFC chip before they could use Isis. Abbott would not name handset partners for the venture, but he has already had talks with "nearly everybody" and expects the technology eventually to be added to all phones. He said the large customer base of the three carriers involved in the venture would be essential to its success. Between them the operators have about 200 million customers, roughly half of which replace their phone in a given year, he said. "There's a lot of science experiments out there that don't have the scale," he said, referring to the large customer base. Abbott also said the company would add more banking partners to the venture. "We fully anticipate we'll have a number of banking partners involved over the next several quarters," he said. He refused to discuss the ownership structure of the venture or the amount of money each of its partners are investing. Verizon Wireless is a venture of Verizon Communications Inc <VZ.N> and Vodafone Group Plc <VOD.L>. T-Mobile USA is owned by Deutsche Telekom AG <DTEGn.DE>. Recommend Send IM Story Print Related Articles US-TECH Summary Reuters - 2 hours 20 minutes ago India, RIM move closer to deal on corporate email: report Reuters - 2 hours 20 minutes ago HP hopes to reassure Street, Dell's margins key Reuters - Wednesday, November 17 After tussle, Google Voice application comes to iPhone AFP - Wednesday, November 17 Oracle should get $40.6 million at most, says SAP expert Reuters - Wednesday, November 17 News Search Top Stories Swiss pharmaceutical giant Roche to shed 4,800 jobs Bluefin tuna showdown pits economy vs. ecology High-caffeine energy drinks linked to alcohol abuse FDA panel recommends first lupus drug in 50 years EU in talks with IMF as Irish bailout looms More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Prince William to marry Kate Middleton next year Pilgrims stone 'devil' as Muslims celebrate Eid US truck dealer triggers buying spree with free AK-47s Oil will run out 100 years before new fuels developed: study 'Baby black hole' offers insight into cosmic enigma More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France EU fines 11 airlines 800 million euros for air cargo cartel 'Naked' airport scanners may be 'dangerous' Be fit, have fewer colds: study More Most Recommended » Elsewhere on Yahoo! 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