Archive for November, 2010

How ISIS Could Challenge Visa and MasterCard

Michael Abbott, Isis CEO

Michael Abbott, Isis CEO (Photo: Business Wire)

Washington at Yorktown. Grant at Vicksburg.  Abbott at San Francisco?

Michael Abbott is the new CEO of the joint venture announced yesterday by AT&T Mobility, T-Mobile USA and Verizon Wireless.  The name of the venture is ISISTM and their primary charter is building a national mobile commerce network that aims to “fundamentally transform how people shop, pay and save,” according to a press release from the company.

To do that, Abbott will need to create an environment for San Francisco-based Visa (and the other payment giants) that will eventually present them with the same ultimatum which Washington and Grant gave to their opponents: Starve or surrender. Continue reading

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PayPal and VeriFone: Subtle Announcement, Sweeping Implications

Verifone's Paypal-Supported PAYware

Verifone's Paypal-Supported PAYware

Enjoy your holiday shopping this year; it could be the last time you reach for your wallet to pay for all of those gifts.

A week ago, conventional wisdom would have dictated that Americans would need to wait at least five years before such a reality were even possible, never mind widely available. On October 27, 2010 all of that changed when PayPal (the largest alternative financial institution in the world) signed an agreement with VeriFone (the largest producer of credit card acceptance devices for retailers in the US). Continue reading