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Whilst I see the attractiveness of the SE model, I cannot agree with Stephen Wilson. The statement about putting EMV cards and ATMs in the cloud does not really hold much meaning ... EMV cards are in the cloud in the sense that in spite of local cardholder verification, the vast majority of transactions are online and authenticated as a complete transaction on the issuer side. The advantage of cloud based operations outweighs the SE model in that the Issuers ability to make an informed decision to approve/decline is enhanced by the cloud data passed to it (eg, token passed to phone at time hhmm, geographical location patterns as expected etc etc). Further the cloud allows card processors to enhance EMV through usage of cryptography of their own within discretionary components of the authorisation message. The cloud allows far better control when it comes to hosting your wallet on multiple devices.  All routes have their challenges - but its probably a given that we are heading towards ever greater connectivity, not isolated behaviour.