We have PayPass - do we need AT&T/Verizon to become banks?
I'm not sure what to make of this week's announcement about AT&T and Verizon trying to push contactless technology in mobiles. They've teamed up with Discover (Fourth biggest behind Visa, Mastercard and Amex) with Barclays handling the accounts and are expected to begin trials in 3Q2011. T-Mobile is also involved. Now I don't know about you, but I'm not sure why I would want my telco provider involved in such a scheme. Admittedly I haven't seen what the involvement of them would actually be, but I don't particularly want another middleman (who would be taking a cut of sales - I believe the telcos probably went with Discover because of the percentages involved) getting in the way between me and my transactions, and potentially being bounced between more parties if there's a dispute. I'd rather deal more directly with the banks, and not have to risk a service which may potentially be dependent on my staying with a particular provider. For those of...