Mobile payments is a match made in heaven for the technology and banking industries. It allows banks to say they are innovating, and not just by creating Frankenbets on exploding mortgages, and it gives Silicon Valley a desperate, deep-pocketed client willing to finance whatever innovation it can come up with.
The only question is whether U.S. consumers care about this technology. The fact that not just South Korea, but even Kenya and Afghanistan are ahead of the U.S. in this area suggests they may not. And developing a mobile payments market may require a level of government involvement in the industry that U.S. businesses aren't willing to accept. Just because Bank of America is sending 22 million texts and emails, it doesn't mean the bank is getting any revenue. But at least it gives the CEO something cool to talk about.
-- Written by Dan Freed in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV