The mobile banking industry in the United States is still in its formative stages, despite some exciting developments. What has yet to emerge is a defined power structure. As for now, banks, web retailers and phone companies, and cell phone makers are still feeling their oats. One consequence is that, unfortunately, the use of cell phones containing virtual credit or debit cards to make payments will be stalled, despite the promise.

The New York Times notes that the many players have yet to evolve a system for sharing revenue, though the technology seems proven. The owner of such a cell phone would be a client of a financial company and the carrier, and they're going to have to work together. Around the world, these systems are already heating up.

For more:
- here's the article [1]

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Mobile banking news from FierceFinance [2]