Details of ISIS Mobile Wallet emerge

ISIS is a Mobile Wallet application that was created by Verizon, AT&T, and T-Mobile. The product will initially launch on October 22nd in the selected markets: Salt Lake City, UT and Austin, TX. ISIS aims to be similar to Google Wallet as you’ll be able to turn your smartphone into a virtual wallet and use it in combination with your NFC-enabled device to pay for your purchases. Here’s some more details about ISIS:

• Virtual Cards:  As expected, Isis will hold virtual versions of credit cards, an Isis Cash Card (prepaid card), store loyalty cards, and a section for special offers and promotions.
• Bonus Cash:  When you first activate Isis, there will be a $10 bonus card for you to use. If you want even more cash, you can upgrade the Isis Cash Card to “reloadable” status which will land you an additional $15.
• Security:  If your phone is lost or stolen, you can call Verizon and they will freeze Isis from working.
• Merchants:  Isis will work at merchant locations that use Visa PayWave, MasterCard Paypass, Discover Zip, American Express and Google Wallet.
• NFC-SIM Cards:  From what we have been told, Verizon will use new NFC-SIM cards on their Isis approved devices. We aren’t sure why they aren’t satisfied with simply using the on-board NFC chip, but this likely creates an additional level of security. It’s also a level of security that they can have intense control over, I would assume.
• Devices:  The official “Isis ready” device is the DROID Incredible 4G LTE. As you will recall from this morning, the device is set to receive an update to make it Isis ready. Additional devices will be made available at a later time, but you should note that not all NFC phones can support Isis. If you live in a trial market and purchase an Incredible 4G LTE on or after October 22 (launch day), it will be activated with a new NFC-SIM card. If you already own an Incredible 4G LTE and live in a test market, you will be able to obtain an NFC-SIM to replace your current SIM.
• Incredible 4G Purchase + $50 in Cash:  From October 22 to November 20, you can buy an Incredible 4G LTE and receive a $50 Visa Pre-Paid card. From what we understand, you will have to activate Isis and submit a rebate form in order to get the card.

What do you guys think about ISIS? Do you think it can compete with Google Wallet or do you guys see now use of this because of the availability of Google Wallet?