PayPal seems to have got stronger and is cutting prices. Banks should be worried by this. They will also be worried by other methods of payment coming through, Paying through mobile phones is going to be tested soon. There are already tests of other types of contactless credit card type devices, RFID etc. These are sometimes coming in under the guise of some other reason for the card, eg Oyster are looking at using the card to pay for other items at the station. Limits on amounts or types of purchase need to be controlled in case of theft.

Smart cards can use radio frequency identifiers (RFID), while mobile phones can use Near Field Communication – a similar technology that works on shorter ranges. London Underground's Oyster Card uses Philips' Mifare technology and there are still other variations out there.

People in Hong Kong have been using their Octopus card since 1997. This was used for paying for public transport but has become an electronic cash system. The US arm of HSBC is distributing one million of MasterCard's PayPass contactless cards to its customers, who can now use them in McDonalds, 7-Eleven stores, motorway toll booths and cinemas.

Must be a Google link in there somewhere....