M-Com lets Fiserv expand mobile-banking and bill payments now, and enter location-based and near-field payments and communications (NFC) later. NFC allows mobile phones to act like contact-less cards to make payments at (or near) a point of sale, from e-wallets stored in the phones that hold coupons and tickets as well as payment media. As is the case with many emerging banking and payment technologies, M-Com is originally from Down Under (New Zealand). Perhaps this deal is most significant because it involves a major provider of traditional tech to banks and credit unions going well outside to acquire the mobile technology it needs. It is likely to be only the first of many, and we'll continue to look to Australia, New Zealand and the Far East for payment system innovations.
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