MIAMI - Unless bankers act now to cut deals with telephone companies, credit card issuers may be shut out of the new payments arena being created by wireless technology, warned Robert W. Selander, president and chief executive officer of MasterCard International.

Telephone companies - particularly mobile phone providers - are already beginning to let consumers in some countries buy goods by phone and charge them to their phone bill, Mr. Selander said. There is a real threat that "financial institutions and payment companies will be completely disintermediated by new and emerging competitors who have mobile phone connectivity," he said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.