Payment tokens aren't isolated to Visa. The EMVCo standard is applicable to all payment brands. And Visa, MC, and AXP are all supporting these features in the fall, so there's no lock in for Visa here. The analysts are correct that tokens will be at the core of any new successful mobile payments scheme. We're going to see SE based payments that support NFC and mobile app payments first, then we'll see more support for HCE/cloud, and card on file scenarios with tokens. The speculation so far around iTunes has missed the heart of the issue with "iTunes" as a payment platform. Today, the Apple App Store is the merchant of record, basically, for all of those app developers. Going forward into the world outside of the App Store, do you think large retailers and the payments brands are going to want/allow their customer traffic to go through iTunes where Apple becomes merchant of record again? No way.