The mobile industry let out a big “oops” this week when flaws were exposed in mobile applications from Google and Citi that put consumers at risk, suggesting that the rush to be first in mobile payments and mobile banking may come with a price.

Marketers have often referred to the mobile device as both highly personal and highly social. This is true, depending on context.

For some time, the mobile industry has been waiting for an explosion in mobile commerce, with the vision of a Utopian era when everyone makes purchases, processes payment and generally conducts all day-to-day business transactions entirely within the mobile space.