Banks tend to look at competitors in mobile payments with a wary eye, but they would be better off working with one segment of this group–telecommunication network providers, suggests Ernst & Young’s new report “Mobile Money 2011 (see report).

Banks and telcos are co-dependents after a new source of income through mobile payments–to supplement dwindling debit card fees and rising regulatory costs on the one side and flat phone and data plan sales on the other.

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