All four major US carriers have joined with Google, Isis, the big card schemes and a subset of banks and payment processors to launch a 'Mobile Payments Committee', intended to smooth the way for the commercial application of new payment modes on the high street.
WOW a committee - that will speed things up no end!!!!
It seems to have finally dawned on the nonbank payments players that the retail payment value chain is not so simple and that it involves other players who have decades of experience in it. Better to join hands in a committee to get something done - sooner
or later - than stay alone and waste time under the delusion of disintermediating banks from the retail payments business.
"A committee is an animal with four back legs" (attributed to Lenin). I am sure the Minutes of this particular committee will be copious and open for public inspection so as to assuage any possible Competition Law concerns caused by having all market participants
in the room - except the consumer.
© Finextra Research 2014