Key takeaways from fintech's 2018 Money2020 conference
Money20/20 is the top global conference about and for the financial industry – it’s held every year in Las Vegas and it’s the premier conference for everyone associated with financial technology. Several people from WePay’s team attended as we do every year. Here are our team members’ top takeaways from this year’s conference this past week.
Cards are king until digital wallets get enough share. There were strong points of view on interchange: card brands have entrenched market power on pricing and that’s not changing anytime soon as the card payment system works well; but cards will be made irrelevant once the digital wallets take hold (already starting to happen in China with Alipay and WeChat Pay and in India with Paytm). There is a lot going on in the blockchain space – lots of start-ups, every major financial institution is experimenting in this space including JPMC’s Quorum. — Zen Banerjee, Director, Global Payments
Secure Remote Commerce is here. Card networks are working together to solve for the checkout quagmire by working on Secure Remote Commerce and they announced the release of the specs. It was very interesting to hear that merchants (ie: Nordstrom) are reviewing the specs already and hopefully with standardization, the checkout process will be simplified. There was a lot of excitement around faster payments, like Zelle and Real Time Payments (RTP) from The Clearing House. — Aditi Gupta, Director of Product Management
Plenty of areas still to be disrupted. One thought-provoking nugget from the conference was that the average US household loses $1,739 per year due to the cost of cash, according to Jason Gardner at Marqeta. Another was that payment tech has been too focused on consumer innovation at the expense of merchants, according to Suneera Madhani of Fattmerchant. — Matt Marino, Head of Enterprise Sales
Banks holding steady but Bitcoin bust. Just like in previous years, it seemed like about half the startups present want to take down the big banks while the other half want to work closely with them. Bitcoin / crypto was a non-issue this year, whereas in the past it garnered a lot of attention; Blockchain was now seemingly taken as a given to support many legit use cases. — Jeremy Milk, Head of Marketing
The fintech industry is maturing. The “disruptive” and edgy aspects of the show seem to have smoothed over and most people were more interested in direct meetings with the thousands of their fellow payments/fintech industry peers than in announcements and presentations. — Matt Schrey, Head of Strategic Sales
Continued growth across the board. Last year there was a clear focus on AI, Blockchain, and also a lot about conversation/contextual commerce. This year, there was definitely a continuation of all these topics and more, but without any topic standing out. — Catherine Jing, Payments Manager, Global Core Payments