Credit Card vs ISIS Mobile Wallet | Master Card vs ISIS Mobile Wallet | VISA Card vs ISIS Mobile Wallet | AMEX vs ISIS Mobile Wallet
Credit Card Payment Systems were introduced in the Global Market for a couple of reasons. Some of the advantages of credit cards are: first you can get some credit from the bank for interest free for a couple of days, need not carry cash, online transactions payments made easy, need not worry about carrying different currencies like USD, AUD or Euros. ISIS Mobile Payment System is a joint initiative by AT&T Mobility, T-Mobile USA and Verizon Wireless. Basically, it’s a mobile Application and ISIS enabled POS, where users can store their credit card information in this application and tap the Mobile on POS to make the payment.
ISIS Mobile Payment System; what is ISIS Mobile Payments?
ISIS Mobile Payment System is a joint initiative by AT&T Mobility, T-Mobile USA and Verizon Wireless. ISIS is a Mobile Payment System with a couple of components. For an example, an ISIS mobile app stores credit card information on mobile, NFC enabled Smartphone, ISIS enabled point of sales system, and on ISIS price tags (optional). ISIS concept is nothing, but storing Master Card, VISA, American Express and Discover credit card information in smartphones mobile application developed by ISIS to avoid carrying all these cards in your wallet. So, when you buy something, instead of scanning credit card and producing signature or entering PIN to approve the payment, you can tap your mobile device on ISIS enabled point of sales system. When you tap your mobile device at POS, that payment will be credited from your credit card that you choose. We can refer ISIS as a mobile payment platform or electronic wallet, which makes payments easy since everyone is now carrying a mobile all the time.
ISIS is not only to store Credit Cards, but we can also store Debit Cards, Reward Cards, Discount Coupons, Payment Coupons , Tickets and Transit Passes and etc.
A credit card, as the name suggests, differs from a debit card in the sense that money is allowed on credit for you to make a purchase in any merchant shop. A credit card allows you literally to borrow money in small amounts initially to go through the process of purchasing goods from merchant shops. You can easily use the card to make some basic transactions. You will be liable to pay some interest on the borrowed money or the money given on credit card to you by the credit card concern after the expiry of a certain period of time. The period of time that is normally allowed is up to thirty days from the date of transaction or purchase. Once the time of repayment of the borrowed money exceeds the allowed time limit of 30 days, you are supposed to pay interest to the bank that has provided you with the facility of using the credit card. This period of 30 days is called as the grace period. You are advised to carry some balance in your credit card from month to month to avoid any liability of paying high interest. Hence, it is important to note that the use of a credit card is akin to borrowing money from a financier.
Difference Between Credit Card and ISIS Mobile Wallet
(1) Credit Card is a Credit Payment System provided by banks on behalf of VISA, Master or AMEX etc., but ISIS is a payment platform initiative by ATT, T-Mobile and Verizon.
(2) For your purchases, you will still pay from your credit card, but payment is made via ISIS.
(3) When we moved from cash to credit cards, there were some security and fraudulent issues introduced, it’s still going to be an issue in ISIS payments also.
(4) Credit Cards use electromagnetic or embedded chip to store information, and here, ISIS information would be stored in a mobile application with encryption and NFC is used to communicate the information with POS.