Will T-Mobile bail out of the Isis mobile wallet program now that it has launched Mobile Money by T-Mobile?

That’s the question being asked by industry observers in the wake of T-Mobile’s announcement last Wednesday to launch the mobile banking initiative, which includes a mobile banking app for iOS and Android.

A T-Mobile spokesman insists that “T-Mobile is not ditching its involvement in Isis.” Sean Cameron, the T-Mobile spokesman, said Mobile Money and Isis “are different products with different goals in mind.”

“Isis is a mobile wallet that helps you consolidate your existing credit, debit and loyalty rewards cards into a single location,” he wrote Bank Innovation. “Mobile Money is a mobile checking replacement, designed specifically to be used in conjunction with the T-Mobile Visa Prepaid Card. It actually works to eliminate the costs of traditional high fee check cashing services.”

That’s true, but so is the fact that central to Mobile Money is a mobile banking app that stores value for its users and allows them to “send money to other T-Mobile card account holders – [q]uickly send money to friends or family members who also have a T-Mobile card, for free.” It is no secret that mobile banking apps are a clear stepping stone to mobile wallets. In fact, next generation mobile banking apps – FIS’s is a good example of this – offer a branded wallet feature within the app. T-Mobile, which has more than 45 million wireless customers, can easily add more robust functionality to its Mobile Money app.

T-Mobile, along with Verizon Wireless and AT&T Mobility LLC, launched Isis through a joint venture in 2010. It has been slow getting going. Isis began piloting the service in 2012, but did not roll out its mobile wallet nationwide until just last November. According to Isis, it still has plans to introduce the “Isis Mobile Commerce Platform” for merchants, banks, payment networks and mobile carriers.

At presstime, Isis had not responded to a request for comment regarding T-Mobile.

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