NFC Times Exclusive Insight – Softcard’s jobs cuts are more severe than earlier reported, and the layoffs are a sign that the mobile carriers making up the joint venture have rejected a 2015 budget proposed by management of the struggling NFC wallet, NFC Times has learned.

Softcard, formerly known as Isis, is believed to be bringing in little revenue compared with mounting costs over the past 5-plus years for its founding joint venture members, Verizon Wireless, AT&T Mobility and T-Mobile USA. 

Since launching a pilot in 2012 and going nationwide a year later, Softcard has not been able to attract more than a few issuers to offer their payment cards in the Softcard wallet, despite the joint venture setting up its own service provider-TSM last year–likely at significant cost.