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I think that whatever the GSM Association decides on, it will be the ongoing standard. It seems that they are suggesting two options for mobile payments and that they would complement each other.
The first is over-the-air downloads and the second is preloading encrypted credit card information from the bank on the phone's SIM card. Both Visa and MasterCard have welcomed the initiative.
http://www.intomobile.com/2007/02/14/gsm-association-promotes-pay-buy-mobile.html