There has been a huge scrum amongst the smartphone players to capture the market for phone-based purchases. In a very surprising move, the major US-based carriers simply gave up. Isis, the mobile payment system sponsored by Verizon, AT&T and TMobile, announced that it had signed deals with Visa, MasterCard, American Express and Discover to its touch and go payment systems.

Why are US carriers not going after this incredibly lucrative market?

There’s actually a very simple reason. Payment providers require trust, and the US carriers decidedly do not have their customers’ trust.

Read more, via VentureBeat.