Jim Breune of Mobile Money and Banking posted a good write up of the inaugural Mobile Commerce Summit.
- Mobile banking has arrived
- Mobile payments, at least in the U.S., are some years away; widespread adoption needs a critical mass of contactless terminals
- Short-term, mobile banking will be delivered through a mix of text messaging, WAP sites, and downloadable applications. Each has its own pros and cons, but ultimately the consumer will vote with their wallets. On stage anyway, the vendors of the various different models were extremely conciliatory, complementing other models and providers.
- Security of the mobile channel is generally much better than online (at least in the days before multi-factor authentication)
- The U.S. wireless carriers were generally portrayed as hindering developments, although Spencer White of AT&T did an admirable job of defending the carrier's position.
Read the whole post here.