By Jeff Connors, CEO
November 25, 2014
I just recently returned from the 2014 Money20/20 payments conference in Las Vegas. This year’s show, which brings together aspiring innovators to shape what money will look like in the year 2020, had over 7,000 people in attendance.
I want to recap a few key themes so that you can appreciate the evolution of the space and how it will impact you.
- It has to happen–tokenization. There are coming changes to the way your plastic card will work as the US begins to adopt the EMV cards. The so-called “chip-and-signature” switch will be accompanied by new terminals at merchants, and payment industry experts expect many merchants will opt for NFC-capable terminals when they upgrade.
- Apple Pay hot topic in mobile payments.One of the hottest topics was the recent launch of Apple Pay and what it means for the industry. The Apple Pay introduction has cut through a lot of the discussion going on over the past few years by inking deals with Visa, MasterCard, large banks, etc. and creating something that’s easy for consumers to use. The big question on everyone’s mind: are you going to pay by waving your phone in front of an NFC terminal at checkout versus using your physical card?
- Turmoil continues in crypto-currencies. Bitcoin is the best-known name, but there are others. Here money is virtualized, encrypted and exists outside of a central banking systems. Banks, of course, are very interested in what this means. I expect a lot of turmoil about crypto-currencies.
- Still a thorn in one’s side—electronic payments. Why is it still so hard for me to send you $50 or $100 or whatever from wherever I am? And why is it still so hard for millions of businesses to invoice, pay, and track the flow of money between each other. Solutions exist, but it’s getting everyone on the same page that’s the problem.
These are just a few of the many trends. Hopefully this gives you a glimpse into a future that will directly impact all of us.