Mobile payments don’t exist in a vacuum. Just as a piece of paper doesn’t magically become a bank note, or a rectangle of plastic become a credit card, your phone can’t just suddenly start paying for goods and services. You need a payment scheme behind the scene to make this happpen. At a very minimum a scheme has to handle funds in, funds out and authenticating transactions. In the mobile world there are a number of mobile payment schemes today. From the long-standing premium SMS services to the brave new world of NFC. Whilst the technicalities of these schemes vary greatly, all schemes fall in to two broad camps: open and closed payment schemes...