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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