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This is getting a lot of press today, including TV.  Its all about the Banks. It is completely OTT for the Telco SPs and nothing new or anything to do with mobile wallets or 'pay by mobile'.  Adoption will be a problem (per PingIt) and the reactions show that people dont trust banks/banking, still.  Paying by intermediate (like Paypal) by emailid (can be anon) seems simpler and more ubiquitous.

There are thousands of physical payment instruments, and most of us only use a handful.  Individually according to context.  There may eventually be just as many e/m/wallets, and we will use the one or two that do a good job of (securely) aggregating those payment instruments with other features such as which to offer up to accrue the best loyalty points and targeted offers.  Enabling a payment transaction itself (via NFC, QR or whatever) is not enough.   When the APIs are there to do these things, the compelling wallets and usage will follow.

Well of course, Virgin are doing nothing more than put their logo on a standard Visa Card, and market it to their customer base as a Virgin card in return for a share in the transaction fees. 

So yes, your money is in the (safe?) hands of Visa, in the event that 'Virgin goes belly up' so to speak.

I love the way iPhone sheep assume everyone has an iPhone.  Its a bit like the way many US commentators assume averyone else is American.  You can extend that to Brits too, or any English speaking nation.

Seriously, losing a phone is a pain, like being burgled, and owners always think it wont happen to them.  Now - since I don't have an iPhone, I will write my contact number on the back.  That way when my smartphone runs out of power, after about an hour, people can still tell me they found it and request appropriate ransom for return.  Thx.

Isn't this simply a solution which helps address the rising cost of transportation.  Who wants to load an Oyster card with hundreds of pounds of credit to use it for just part of a week, and then be stuck with a residual balance you never cash in.  Using a NFC enabled credit card means you get the bill shock at the end of the month instead when you come to settle.

I always worry that the POS experience can be skinned and manipulated - that's why you keep the receipt confirming the amount debited in case you have a dispute about it.

I am in favour of replacing (or disrupting) the current POS equipment, but using insecure iPads and other mobile devices is a risk because the checkout experience can so easily be manipulated.  Needs careful implementation.

Thanks Robert,

Its actually pretty difficult. Especially with mobiles.  We all seem to accept that Parental controls on PCs is OK, but on mobiles it is called 'spyware' and an invasion of the child's privacy, or lack of parenting! wtf.

Give a child a smartphone (which is the norm these days) and they will use it, more than you ever will, because they have the wit and the time to do so.  And because they have not been 'burned'  by bad experiences (yet) they will click just about anything in their learning.  You seriously need help to stop that.

Anyway, my point is, we need to change the perception that locking down a mobile is somehow more evil than protecting a PC.  Its the same and its responsible.

Yes, great post.  A 'man cannot live by payments alone' blog.

Operators on the other hand, did very nicely out of 1st gen content mobile payments (pSMS).  But that's declining.  Their issue is getting into the App payment chain with Direct Carrier Billing, as an alternative to paying with credit cards.  That's revenue which is completely bypassing them todate, and still comes with a healthy margin for managing the billing relationship.  In short, there's still profit in Digital Goods, including MP3.

What can you do if someone has phished your bank details, and personal ID details?  Helplines dont ask for your PIN, ever.  GetCash on the mobile phone should at least have allowed the helpline to text the getcash code to a known customer phone, not a random one.   Its procedure and implementation that is wrong.

What is a taxi ride from Heathrow to London these days?  Too much to pay cash I bet.  A lot of people pay with a credit card specifically BECAUSE they have a ready excuse not to tip with any cash, and they have a handy expense record with their credit card statement.