"A lot of the leading innovations in payment systems are coming from the world’s more peripheral financial markets, a trend reinforced by a recent decision by six Polish banks to band together to create a mobile phone-based payment system.
The six, led by PKO BP, the country’s biggest bank, are setting up a joint venture that will allow clients with a special smartphone application to make payments debiting their bank accounts using one-time codes generated by the mobile phones.
The codes can be punched into a merchant’s debit/credit card pin pad, or they can be used to send money from one account to another or to another person to withdraw funds from an ATM."
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