Live From All Payments Expo & FinTech Partnerships - Afternoon of Day 1

This afternoon we had a thought provoking panel discussion at All Payments Expo - The Future of Interchange, and How Your Business Model Will Change

Moderator: Ron Mazursky - Mercator Advisory Group

Panelists:
Chris Larson - Ripple Labs
Barry McCarthy - First Data
Fred Brothers - FIS

Key Take Aways:

- Rewards programs won't go away - low liability or no liability (ex. Groupon) 

- Crypto-currency is just the tip of the iceberg. Transactions without a central operator, this opens up all types of new possibilities - a neutral protocol on this new payments rail.

- Lower the friction in the marketplace to make it easier to conduct business and commerce across boarders. 

- The marketplace is questioning the value of interchange, opening up windows for innovators. 

- A currency that you can't regulate is a threat to national security and national banks. They will pivot towards a secure value interchange. 

- The biggest barrier in the adoption isn't protocols it's the reputational risk 

- Merchants will adopt whatever consumers want to use. 

- Data is the new oil in the banking industry - we have hundreds of years of reserves. The nature of rewards and offers will change, using the data is a great way to monetize these transactions.  

- Alternate solutions will continue to emerge and the ground is wide open for specific use solutions (ex. PayPal)

- P2P  innovation (ex. Venmo)


Thank you to the outstanding panel and stay tuned for more live recaps from All Payments Expo & FinTech Partnerships!

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Prepaid Expo Day 3: Morning Recap

In the morning session of the 3rd and final day of the Prepaid Expo, a panel made up of industry executives discussed global markets, in a session titled, "Identifying Key Global Markets". In case you missed the session here is the list of the members of the panel: - Mike Hafer, SVP, Global Prepaid, Western Union - Brian Dunne, Managing Director, Incentive Marketing Association - Lee Manfred, Partner, First Annapolis Consulting - John Yeomans, General Manager, EMEA, FIS For those of you unable to attend the session, here is a quick recap: - Identify what segments you want to play in and what the needs of those segments are. - It has to be intuitive: make it as simple as possible. - The importance of local and cultural knowledge is critical. When you work with a local team, you have to relay on those people to be the experts. You have to listen. - You have to develop around the consumer - don't skip the customer research - Tip: There is quite a difference between wisdom and knowledge. Knowledge is knowing that a tomato is a fruit. Wisdom is knowing not to put it in a fruit salad. Look at the BIGGER picture.

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