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Son of Mambo fails to launch

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That however ignores the experience in the US, where the Isis network, which has been conceived as offering an alternative to Google wallet, has been established without the blessing or involvement of the banks. It's perhaps telling that while the banks aren't on board with Isis Visa, Mastercard and American Express are.

It's not the first time banks have opted for a back seat in payments innovation. Many of them failed to recognise the threat posed by PayPal until it was an established organisation well capable of eating at least part of their lunch.

Dr Rod Farmer, CEO of Mobile Experience, who was also a speaker at today's breakfast session reinforced the rise of non-traditional payments organisations by citing research predicting that by 2012 PayPal is expected to handle $12 billion of mobile payments a year.


 

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Beverley Head

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Beverley Head is a Sydney-based freelance writer who specialises in exploring how and why technology changes everything - society, business, government, education, health. Beverley started writing about the business of technology in London in 1983 before moving to Australia in 1986. She was the technology editor of the Financial Review for almost a decade, and then became the newspaper's features editor before embarking on a freelance career, during which time she has written on a broad array of technology related topics for the Sydney Morning Herald, Age, Boss, BRW, Banking Day, Campus Review, Education Review, Insite and Government Technology Review. Beverley holds a degree in Metallurgy and the Science of Materials from Oxford University and a deep affection for things which are shaken not stirred.

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