Isis, which the three carriers announced last November, is a mobile payment system that uses near-field communication. The three companies hope that it will be a viable competitor to Google Wallet, a NFC solution from the search engine giant that is rolling out in the market this year.
According to Bloomberg, the three carriers have earmarked $100 million for the venture. Previously, no funding had been announced.
Mashable could not reach reps from the carriers for comment on the report.
In addition to enabling mobile payments, Isis would also let consumers redeem coupons at the point of sale. Isis has built partnerships with the top credit card firms — Visa, MasterCard, Discover and American Express — to make that possible. The service is expected to roll out sometime in 2012.
Meanwhile, Google unveiled Google Wallet in May. A range of merchants, including CVS, Petco and 7-Eleven now accept Google Wallet for payment.