ISIS Mobile Wallet is the official name of the mobile payment system app that was announced by a joint agreement between major US credit card companies MasterCard, Visa, and American Express, and three major US carriers — T-Mobile, AT&T, and Verizon. The company recently also announced a lineup of banking partners which includes Barclays, Chase, and Capital One, bringing the whole system sharply into focus: ISIS has the capability to be a formidable contender in the mobile payment game.

While ISIS isn't completely forthcoming on its launch plans, the first two markets it will come to are Salt Lake City, Utah, and Austin, Texas, sometime this summer. Incidentally, Austin, Texas is where we are right this very minute, and we stopped by ISIS's SXSW Interactive booth for a quick demo of the app itself. The app looks simple and fairly elegant, and will also have some built in "deal" functionality which a rep told us is opt-in, and the ability to upload and store loyalty cards into the app for participating merchants.

The ISIS rep reminded us that the demo version they showed us is still in prototype phases, so expect at least minor tweaks and improvements in the final version.