One way for issuers to create new revenue opportunities is to monetize the transaction data. Obviously the banks can't give the data away, but they can prevent techs companies from disintermediating them with over the top mobile wallet solutions, making the banks simply dumb pipes. The banks can let other companies handle the content going into the wallet (predictive analytics companies, advertising brokers, etc.) and not try to do it all themselves. When the MNO's tried to control the applications on the phone it was a crappy offer. Apple and Google then came up with operating systems which allowed content from a bunch of app developers. Banks need to do this with the wallet. They can then keep the high touch user experience tied to their brand, they can still maintain control of their customer's data, and the can create a revenue stream tied to succeeding at proving success in changing customer purchasing behavior similar to how Google offers Google Analytics to show that the person who saw the ad, didn't just click it, but they made it through the whole purchase process. If the issuers/banks don't do this then Apple, PayPal, Paydiant/MCX, or Google will.