Facing the Future of Fintech: WePay's Week in Payments
It’s time once again for our weekly overview of what’s new in payments and what people are saying and doing of importance in the Fintech and payments industries. This week one major theme emerged – people are thinking very hard about the future of Fintech.
Forbes took a careful look into the future of Fintech in a piece where it talked to members of the Forbes Finance Council and asked them about which Fintech tools are going to change the future of finance. Some of the topics that came up included AI, blockchain and peer-to-peer, but a lot of other topics were on their mind.
Let’s Talk Payments wrote about the future of finance and payments and argues that the future goes beyond Fintech and that those who will be truly successful in the future will bring cross industry expertise and technologies to bear. But the author also acknowledges the undeniable successes of Fintech. The article sees the future as more Fintech and something new, rather than something new just replacing Fintech.
Glenbrook Partners took a look at the future of EMV in its PaymentViews blog where George Peabody discussed EMV 2.0 – making the case that where the US currently stands with EMV (chip-enabled card tech) can be called EMV 1.0, and that this isn’t good enough, so we are now waiting on their definition of EMV 2.0. It’s a persuasive case.
Jay Kim, a contributor to Forbes, takes a look at the dynamic Hong Kong Fintech scene and where it is headed, in particular a desire to cement Hong Kong as a Fintech center for the future.
Payments and finance are being radically shaken up in India and Ziv Cohen at Paygilant takes a look at how the drive to move India to a cashless economy is shaking up not just the payments economy but the whole economy.
The Paypers has a great news piece about a very significant development: SWIFT has created a cross-border payments tracker. This news could affect not just payments in general but also fraud and AML issues in particular since tracking will make monitoring of these issues another step easier.
PYMNTS.com greeted the recent huge boom in bitcoin value with a neat data summary of the state of bitcoin.
PYMNTS.com also took a look at a study that shows that SMEs that insist on cash-only operations are losing out on significant amounts of business.