Trust is the key issue. Bank Notes are not money they are a promise to the bearer that the Bank of England will pay the recipient upon exchange. There are more notes (IOU) in circulation than there is gold in the Bank of England which is why governments prop up bank as they fear a run on the banks. So I don’t think P2P distributed money will happen anytime soon it is a case of who will be the lender of the last resort. i.e if you pay for something and I make the payment and thus you owe me, maybe I then need to borrow from someone as your payment was larger than I had available etc. There are new services appearing Zopa a P2P lending startup and then there is Wonga. Personally I see the same companies developing NFC app for my iphone and the status quo remaining for now. When was the last time a new bank entered the highstreet (First Direct). Virgin were trying to create a new bank and got stopped by regulation. Personally I would prefer to just get rid of coins and have a trusted micro-payment system in my pocket linked to my current account. (I don’t use a credit cards) Maybe a good topic for a chat when we next meet.