PHOENIX — A standing-room-only crowd flocked to a BAI Paymentssession on mobile wallets at the Phoenix Convention Center and the panel's plainmessage was: Stop dawdling and try something. Anything.

It is still early days in the mobile wallet wars – mistakes willget made – but probably the biggest error is doing nothing, advisedTodder Moning, anexecutive with US Bank. His strong counsel at Monday'ssession: Place many small bets on emerging technologies. That wayyou won't get wiped out too early and you can stay in the field,learning and perfectin

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The optimistic news for financial institutions: “The mobilewallet space is the banks' to lose,” said Chris Gardner, aco-founder of mobile payments company Paydiant.“You have the customer relationships, they trust you.”

The same trust would arise in member relationships with theircredit unions.

A point to ponder: even if you have been doing nothing in termsof mobile wallets, your customers haven't. “You already havecustomers with mobile wallets. They are using Starbucks, Square, LevelUp,” said Capital One executive Paul Moreton.

“Find those customers and ask them about their experiences,” hesuggested.

One forecast from Gardner: “There won't be one mobile walletwinner, there will be many, just as there are with credit cards.”That is, waiting for the dust to settle and for the winner of theGoogle vs. PayPal vs. Isis vs. whoever brawl is a fool'sdelay.

Gardner also observed that the winning mobile wallet won't beabout the payment – credit cards already do that quite well – itwill be about the richer experience (rewards, discounts and more)that smart apps on mobile phones can deliver.

“It's not about payments, it's about the data and what can bedone with it,” said Gardner.

Moning cautioned that all this mobile wallet mania is “reallynew” and that much remains to be discovered. He observed that ifyou do use your phone to pay at a retailer with a tap there is aweand disbelief by observers and that wonder underlines just howearly days all of this is.