AT&T, T-Mobile and Verizon Wireless have announced the formation of a joint venture called ISIS, a mobile payments network.

Discover Financial Services and Barclays Plc are also participating in the joint venture which will allow people to pay for purchases with their smartphones.  ISIS is expected to be introduced in larger markets during the next 18 months.

Michael Abbott has been named as Chief Executive Officer of Isis. Formerly with GE Capital, Abbott is a veteran financial services executive with experience in the payment and technology industries.

“Our mobile commerce network, through relationships with merchants, will provide an enhanced, more convenient, more personalized shopping experience for consumers,” said Michael Abbott, Chief Executive Officer of Isis.

“While mobile payments will be at the core of our offering, it is only the start. We plan to create a mobile wallet that ultimately eliminates the need for consumers to carry cash, credit and debit cards, reward cards, coupons, tickets and transit passes.”