Visa and MasterCard: endangered species?

Hannes has an interesting point about Mobile Banking and analysts which got me to thinking. Are any of the payments/banking innovations coming from Visa or MasterCard? Maybe the mobile payments/banking providers and the banks that they service are better at PR, but it strikes me that the monolithic power involved with being the middleman between purchaser and merchant will have to be eroded by the myriad of options available to each party. I'm a strong believer of "adapt or die", so I won't be weeping if they do go under, but I'm trying to see if they are attempting to change with the times or if they will go the way of the recording industry and fail to see that the times they are a changing...