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This paper explores the economic models associated to different mobile-payment systems. The paper first present the existing experiences and exhibits their distinctive components: new technological possibilities to create direct links between users, new potential intermediaries, new economic models to coordinate the commercial interests of financial and non-financial operators. After a short review of the emerging literature, the paper then concentrates on two economic models: the operator-centric model and the bank-centric model. The paper selects two cases of development of these two models and the authors' try to present them in an appropriated theoretical settings. The authors' found that their fundamental components make them viable systems, able to improve without ambiguity the transaction technology in different economic environments.
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