Mobile wallets continue to expand beyond simple in-store payments as providers look to create broader digital financial ecosystems. The partnership between Isis and American Express will bring the Serve prepaid platform into the Isis wallet, adding features such as peer-to-peer transfers, online bill payment, and NFC-based mobile purchases. The deal reflects the growing competition to make mobile wallets more versatile and accessible, particularly for consumers seeking alternatives to traditional banking services.
When Isis rolls out nationally later this year, the mobile wallet will come integrated with American Express’ Serve prepaid platform. Besides bringing a point-of-sale presence to Serve through Near Field Communication, the deal also will enable Isis users to pay bills online and make person-to-person funds transfers.
From Finextra.com:
Dan Schulman, group president, enterprise growth, AmEx: “Linking the platforms will allow millions of people to conveniently and inexpensively manage and move their money. From the palm of your hand, consumers, including those without access to traditional bank accounts or credit, can have access to everyday financial services.”
Michael Abbott, CEO, Isis, adds: “By adding American Express Serve to the Isis Wallet, we can immediately provide millions of consumers the opportunity to participate in mobile commerce as we continue to enrich the consumer experience.”
The Isis/Amex deal provides Serve with a means to conduct payments in brick-and-mortar environments through NFC while expanding the functionality of the Isis wallet into nonpurchase-related services. Expect more announcements to come from Amex related to Isis as the card brand looks to add NFC-payment capabilities to more of its card products. What remains unknown, however, is how many merchants will embrace Isis, and the early indications suggest not many as contactless-payment acceptance remains limited to a few market niches, such as quick-service restaurants and drug stores. Consumer uptake in Isis trials in Austin, Texas, and Salt Lake City also has been lower than expected.
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