I think there are some points I agree with you on there Geoffo,...

I think there are some points I agree with you on there Geoffo, ie that contactless is going to be fairly large, My company works with about 40% of the top UK retailers and we are currently working on their implementation of contactless. The London launch is kicking off in September in the EC post codes (London to Canary Wharf) and they are aiming for 1 million cards in people's hands by the end of 08. Visa also announced a deal with Barclaycard for a joint card (the pulse) which also has a TFL oyster card on it. Interesting thought, not sure how widely the latter will be used.
I guess, from your comments, I would question the following assertions:
1. That success for PayPass = success for Multos.
2. That every sale of PayPass = $$s for Multos
3. That Keycorp are the brains behind anything

I think you are backing the wrong horse. Wait till VeriFone falls a bit, I've heard rumours they are looking to buy someone fairly large in the market which will have some nice scale. Buy them. Ingenico are doing a deal with Sagem, look to buy them. But Keycorp .... no, sorry, I don't see any global success there.