US operators Verizon Wireless, AT&T and T-Mobile USA reportedly plan to invest at least $100 million in mobile wallet joint venture Isis.
Sources toldBloomberg that the investment could reach hundreds of millions if it gains support from banks, merchants and consumers.
The exact amount will depend on how many bank and retailer partners the Isis venture, first announced in October last year, can attract.
Isis asserts it is on track to launch in some markets by mid-2012, Bloomberg said. The company has already secured partnership deals with Visa, MasterCard, American Express and Discover Financial Services.
The venture is on the road to going head to head with Google's NFC mobile wallet service, which began rolling out in the US in May.
Juniper Research estimates that the global mobile payment market will grow to $240 billion this year, and up to triple within the next five years.