Sprint to Enter Mobile Wallet Race

OVERLAND PARK, Kan. – Sprint plans to launch its own mobile wallet as early as this summer, according to a NFC Times report.

The No. 3 U.S. cellular phone provider will certainly have competition. Google has been operating its wallet for some time. Isis, a combination of Verizon Wireless, AT&T and T-Mobile USA, is another competitor, as well as PayPal.

The news outlet reported the Sprint near field communication (NFC) mobile wallet will be called Touch. Creating the wireless payment platform would allow Sprint to build relationships with banks and other service providers, the news source added.

It is unknown if Sprint would drop its support for Google's mobile wallet, but NFC Times reported it's unlikely the cellular company could support both platforms.

"The limitation isn't the wallet; the limitation is the secure element," a Sprint source told the news outlet, while adding Touch will be a "legitimate alternative to Isis."

Sprint was supposed to be included as one of the backers of the Isis mobile wallet. However, the company exited the project in 2010.