Good discussion, though some snark crept into for a bit.

Scott's concern about data on an unsecured network could be easily resolved with tokens, so I don't see that as holding back adoption. What I do see is holding it back is a reason for consumers to want to pay with their phones.

P2P, sure, I can see, though I'm still not sure how big a market it is. With P2P you're really replacing cash or checks, which for most is an improvement. But to replace swiping a card with a phone? The lack of clear benefit for the consumer is one reason mobile payments have been so slow to catch on. And the fact the rails are ACH vs. V/MC does nothing to change that.