Let's for a moment think outside the box and try to forget about using the SE in the mobile phone as a secure storage for the card info ... consumers already have the proper secure elements in their cards ... there is too much politics involved in arguing
about who controls the SE in the mobile phone, and that battle will never be won or the acceptable compromise between Issuers and MNOs may never be achieved ... so let's forget about using the NFC enabled mobile phone in so called 'card emulation mode'
My personal view is that since many Android phones on today's market are already NFC enabled, they could be used simply as the personal consumer contactless card readers during e-commerce transactions to interact with the existing contactless chip cards.
Mini paradigm shift in a way, which would ideally open the doors for the 'card present' e-commerce transactions, if the big players like payment schemes and card issuers would be willing to play along and make the effort to certify such solutions.