Mismanaged from the start
First, from a consumers point of view, making NFC payments with a card is pretty much the same as sticking the card in a reader, the costs are the same so no big deal.
The way to replace cash with NFC phones (what the banks want) is to make it universal and the same cost as doing it by exchanging small pieces of metal and paper, effectively zero. Sadly with so many groups trying to get their pound of flesh such as phone manufacturers, network operators and banks it will always cost more.
Then with several different competing systems there is no guarantee that random person A will be able to transfer money to random person B as there is the distinct possibility their two systems will not talk to each other, so you're back to square one.
Finally if it's tied to a phone you're stuffed if the battery is flat!
So from Joe public's point of view, what's the point?
And that's before you start worrying about the security aspects!