The arrival of the first revenue figures in m-payment ended the hype about it. The overly optimistic forecasts have remained just those: forecasts. So where does the market go from here? Taga and Karlsson took a closer look at the present state of the market and the challenges mobile operators, banks, merchants and suppliers face, particularly in view of the fact that the market for m-payments is still very fragmented, both regionally and technology-wise. The authors identify four strategic issues that all players must solve: partnerships, technological standards, establishing trusted brands and giving customers what they want. But how can they?