By CHRIS SERRES, Star Tribune
Big banks are in a high-stakes race to launch new mobile payment networks before consumers take their business elsewhere. Billions of dollars in transaction fees are at stake. Dominic Venturo strolled to the counter of an Office Depot store in downtown Minneapolis with a packet of No. 2 pencils he wanted to buy and his trusty iPhone. Venturo, chief innovation officer at U.S. Bancorp, gently waved the iPhone inches in front of an electronic card reader. Seconds later, a text message appeared: His $2.58 payment had gone through.
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