Nokia and Mastercard are teaming up on mobile payments

This looks like an interesting mobile payments development...

"Consumers will be able to use a phone as a wallet or as an access card simply by waving it over a wireless reader -- and in some cases punching a PIN number into the phone -- similar to how travelers in Tokyo and London access public transport (referring here to the brilliant Oyster Card that we use in London for all London Transport services).

...The world's biggest payment card company, MasterCard, is also involved in the initiative, which is cheaper and much faster than other wireless payment experiments, like those using SMS text messages. Trials with the new standard are set to start in October." (via Reuters)

So I wonder a) if this will take off and if it does b) where this will leave the likes of Paypal by mobile, Luup and the like. The mobile payments war is definitely still not won yet and this is still very early days.