Please do visit the Paydiant website to see what they are up to. Looks like they have solutions for merchants (targeted mobile advertising), processors (differentiated service offering) and banks (attach to existing mobile solution).
We can discuss the point about regulation (of telcos) raised by Fenny next week since we have to talk about a telco model of mobile payments. Also Fenny needs a new phone (quit Android - Google is evil!) or a new QR code scanning software because the QR code appears on the screen of the POS equipment - so not necessarily printed on paper. Paydiant also appears to have a got a patent for ATM withdrawals using their technology. So lots of stuff we did not think about!
Here is a video from Paydiant's website
And the interview with one of the founders ... He says " we think of payments as the kernel and its all the neat stuff you wrap around it". So the monetization for Paydiant is not really 'payments' but the "neat stuff". Also the consumer data belongs to the merchant.