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Brilliant concept, the telco and the chain lock in repeat customers, the money is preloaded, there is minimal risk, if you can activate the account with an sms, you can equally alert the Telco that your phone is lost or stolen and cancel any further transactions. The reload can be controlled after all what would you do if you lost your wallet with cash/cards?  The Telco benefits in providing added features to their “client experience”  the chain gets more foot traffic to their store everyone wins….and the “Scheme” well they are left out of this environment altogether.  Transactions are a changing….just watch this space!

While I understand where you're coming from Andrew, the reality is that all the current mobile "pilots" and "trials" are aimed at improving security and acceptance… the secure element either build in on a mobile or on an sd card further enhances security.  There are cost reduction implications for the Banks, there are data mining implications for the Telcos,(not to mention Retailer Loyalty programs)…   Then you have the schemes Zero liability…and you have the perfect ‘disruptive technology’ at large! 

What has made all of this possible is the roll out of contactless readers! The stage is set..

What is the deterrent if after 21 months this fraudster comes out to a few million?    And what about the compromised card holders who potentially have their Identities compromised...with all the baggage this entails!  Lastly what about the reputational impact on the merchant?