AT&T, Verizon Wireless and T-Mobile USA launched Isis in November 2010, with a transaction fees revenue model. John Stankey, AT&T's head of business solutions, says the Durbin Amendment, expected to cut annual debit processing fee revenues to about $10 billion from $23 billion. To be sure, a sudden reduction in addressable revenue opportunity of $13 billion is not trifling.
But Isis had all sorts of other reasons to change course, including the time it would take to create a new retail brand for payments, at a time when activity is moving faster across the entire mobile payments front.
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