That doesn't make any sense, no. Instead, they skip the secure element and transmit something non-standard (...by buying a bank and routing those through that,

That doesn't make any sense, no. Instead, they skip the secure element and transmit something non-standard (...by buying a bank and routing those through that, essentially acting as a proxy to the card networks?): http://secureidnews.com/news-item/host-card-emulation-enables-nfc-without-a-secure-element/ http://secureidnews.com/news-item/host-card-emulation-enable...