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Money2020 Twitter Chat | Technology and the Future of Payments

Money2020 is behind us, but we met some incredible people and learned a lot. On October 9th, we participated in a Twitter chat about Money2020 and financial technology. For those of you who missed it, the transcript is below.

 

Twitter chatQuestion 1 Bank of America @BofA_News: Q1: What speakers or topics have most resonated so far at #money2020

Jim Marous @JimMarous: A1: Highlight – #Amazon #PayPal #Citi #AmEx #Discover #MasterCard rocked! Showed that payments innovation never sleeps. #Money2020

Elizabeth Dias @techmktggirl: A1: Standout #Money2020 Speakers: @thefriley of @Square & @PayPal. Topics: #TomorrowsBank, Consumerization of Data & Retail 3.0

Kevin Boglarsky @kmbx2ind: #money2020A1. The keynotes even if they went a bit long. K

Thomas Noyes @noyesclt: #money2020 I’m in the Bank of America Twitter breakfast. A1 I thought amazon MCX and Amex did a fantastic job.

Bank Innovation @BankInnovation: I enjoyed the bullishness on Bitcoin and loved the Square and Amex keynotes. – Phil Ryan, Bank Innovation #money2020

Aaron McPherson @aaronmcpherson: A1: Tokens are BIG #money2020

Jim Marous @JimMarous: A1: Loved the tweets Monday “#Bitcoin will do to money, what the internet did for information” #Money2020

Bank of America @BofA_News: A1: Sarah Friar was impressive explaining Square’s lofty mission and its simple approach – Start-Run-Grow. ^fs #money2020

Kevin Boglarsky @kmbx2ind: #money2020Attending the Bank of America Twitter Chat session

Dave Birch @dgwbirch: #money2020 a1 liked the Amex stuff about the unbanked, the Zapp direct to bank account retail proposition, new PayPal stuff

MasterCard @MasterCardNews: A1 – #money2020 – payments is strong. More technology to drive consumer shopping experience – making it easier to transact

ngenuity Journal @ngenuityjournal: Square and Stripe — the sweetheart keynotes of #money2020

Bank of America @BofA_News: A1: Square continues to create value propositions for customers, innovates quickly, and is making an impact ^fs #money2020

James Ray @Rockhopper08: A1 – #Money2020 presentations by #PayPal and #ISIS were most illuminating as we move into 2014. Competing visions, but must coexist.

Thomas Noyes @noyesclt: #money2020 I agree that Square had the best product demo hands down… The BIGGEST play in all of commerce

Jim Marous @JimMarous: A1: Enjoyed the sparring of alternative payments solutions. The gloves actually came off at times. #Money2020

Scott Dueweke @Scott_Dueweke: Most important trend at #money2020 is the huge number of VCs here!

Xenophon Dimopoulos @XenophonD: A1: The speakers whom I was most impressed with #PayPal, #Amazon & #Stripe. Very informative!! #Money2020

Jon Stotts @JonathanStotts: #Money2020 global-focused panels yesterday were great, covering #banking, #payments & more in China, Russia India

Digital Retail Apps @digitalretail: A1 I am keen on Amazon payments – they are off to a fast start with a trusted brand. Will be adding to my app methods of payment #Money2020

vadhri @vadhri: #money2020 square, PayPal and stripe keynotes were good

Danny Alpizar @drat717: Funny thing square CFO produce such a good impression, she didn’t show nothing new #money2020 #AmEx was the better for me

Cherian Abraham @cherian_abraham: #Money2020 – MCX panel was as predictable as the Kadarshian marriage. What did we all expect would happen?

Thomas Noyes @noyesclt: #money2020 MCX is NOT a shell… It is real o

Aaron McPherson @aaronmcpherson: @noyesclt Agree that MCX has made impressive progress – panel had a messaging issue. Where are the opportunities for #money2020 attendees?

Jim Marous @JimMarous: @cherian_abraham MCX may last as long as the marriage as well. #Money2020

Aaron McPherson @aaronmcpherson: Looking forward to @noyesclt panel on tokenization – 1:40pm PST in Pinyon 4 #money2020

Paul F. Doyle @pfdvv: Concur, one of the better talks was Amex addressing the unbanked and underbanked #money2020

wadearnold @wadearnold: The quote of the year for #Money2020 – “Google is really good at collecting money from every country in the world”

Thomas Noyes @noyesclt: #money2020 room agrees that the best pure presentation was Dan Schulman from #AmEx

Bank of America @BofA_News:Q1A: Have you seen any products or services at #money2020 that seem particularly interesting

Elizabeth Dias @techmktggirl: the @Stripe session as a top #Money2020 track as well with “FIs needing to transform into tech companies”.

Digital Retail Apps @digitalretail: A1 Loving the new Google Wallet approach – huge shift from a year ago; will be adding google wallet to my app method of pymnt #Money2020

vadhri @vadhri: #money2020 – demo by Loop – very impactful

Bank Innovation @BankInnovation: Loop was very cool, and the session poorly attended! RT @thinkpayments: #Money2020 Good morning! I thought loop was cool.

ngenuity Journal @ngenuityjournal: @BankInnovation Agree – they stood out to us too. Wasn’t fair to the LP360s to put them right after 7 long keynotes w/ no break. #Money2020

Scott Dueweke @Scott_Dueweke: Impressed by the Chinese and Russian energy behind alternative payments. Easy for us to think its all about us! #money2020

vadhri @vadhri: #money2020 any presentation with less slides more demo (need to see what is possible than visionary statements) is what is needed

Dave Birch @dgwbirch: #money2020 there is a long-term inexorable shift toward direct access to the funds

Dave Birch @dgwbirch: #money2020 maybe in a decade Visa/MC will be switching identity instead of payments

Jason A. Cobb @jasonacobb: What about the elephant in the room- offer fatigue? If offers are the driver to move from plastic & people are sick of offers… #money2020

Dun & Bradstreet @DnBUS: @jasonacobb Terrific pt. Encouraging consumers to define the offer types that interest them may help, but timing also important. #Money2020

PrairieCloudware @PrairieClouds: #money2020 skeptical of MCX as zombie apocalypse for Visa et al. Not easy to do what they are trying to do without committees/competitor

Thomas Noyes @noyesclt: #money2020 retailers are tired of playing by someone else’s rules… The are forming the NFL of retail.

Dave Birch @dgwbirch: #money2020 good point about the BRICs, who are all developing their own debit systems

Jim Marous @JimMarous: Given innovations by big players, no more standing on sideline. Need to place payments solution bets. #paymentsroulette #Money2020

David W Pipe @DavidWPipe: China mobile commerce will explode as 3rd/4th tier cities come online, while so many players are only focused on the US market. #money2020

Cherian Abraham @cherian_abraham::#Money2020 – MCX is treasury groups leading the efforts. Without Marketing involvement, the customer value prop will be missing

Sam Maule @sammaule: So the morning TwitterChat jumps right into #MCX – as Tom Noyes put it – MCX is real. Might take 5 yrs but it is real.#money2020

Thomas Noyes @noyesclt: #money2020 MCX addresses loyalty by agreeing every retailer is different. They can support unique loyalty services in a common way

Jason A. Cobb @jasonacobb: Big innovation coming up will be more focused on access to banking 4 under served & to payments & credit for starting businesses. #Money2020

Dun & Bradstreet @DnBUS: @jasonacobb Definitely an area for startups…and also for traditional finserv players (via acquisitions). #Money2020

Sara Abernethy @saritasla: @jasonacobb @money2020 Agreed. Big data needs to be about creating experiences. Sole focus on offers is a race to the bottom. #money2020

Question 2 Bank of America @BofA_News: Q2: What has been your biggest takeaway from #money2020?

Jim Marous @JimMarous: A2: Takeaway – #NFC was declared dead . . . again, and again, and again #Money2020

James Wester @jameswester: You can keep saying “it’s not about payments,” but you still have to do payments flawlessly. That’s not a parlor trick #money2020

Paul F. Doyle @pfdvv: @BofA_News biggest take away…the people, the connections, the meetings #money2020

Thomas Noyes @noyesclt: #money2020 this event is the best networking event I’ve ever attended.. Fantastic.

Elizabeth Dias @techmktggirl: A2: In the words of Sinatra, “the best is yet to come” w/ #Payments yet Q’s still remain (strategy, fintech, penetration). #money2020

Dave Birch @dgwbirch: #money2020 a2 I think it’s too big this year! It’s hard to fit in all of the meetings and still see some of the sessions

Aaron McPherson @aaronmcpherson: A2: Presenters playing it safer this year #money2020

PrairieCloudware @PrairieClouds: #money2020 Biggest takeaway is the networking done. Would come again for that alone.

David W Pipe @DavidWPipe: A2: Too many players still trying to solve payment – while payment isn’t broken. It’s about solving other problems. #money2020

Adam Snyder @snyderstrategy: A2: In the words of Sinatra, “the best is yet to come” w/ #Payments yet Q’s still remain (strategy fintech penetration) #money2020

James Ray @Rockhopper08: A2: #Money2020 insights? Consumers aren’t seeking to “pay” for transactions, they are seeking to transact. Payments are ancillary.

Jim Marous @JimMarous: A2: Takeaway – Conference proved that among more than 4000 #fintech followers, nobody has all the answers #Money2020

Paul F. Doyle @pfdvv: It is TOO Big? Yes, this was said today in Vegas…but it is about the conference, not what you might imagine #money2020

Norman Guadagno @ThinkTone: My biggest disappointment with #Money2020 was not enough bling. Needed more gold $ necklaces. Oh, and that consumers are still confused.

ngenuity Journal @ngenuityjournal: @dgwbirch compares #money2020 to SXSW’s growth — need to make sure the media presence and corporatism doesn’t overshadow authentic convos

Kevin Boglarsky @kmbx2ind: #money2020A2. Size of the event might have exceeded a comfortable size. Both in number of sessions and keynotesmore time for networking

Jim Marous @JimMarous: A2: Size of event dictated by size of challenge and opportunity in payments today. I wish I could have added one more. #Money2020

Xenophon Dimopoulos @XenophonD: A2: My takeaway is simple, if your business is in emerging payments and financial services, you should attend #money2020

Dave Birch @dgwbirch: #money2020 there’s a limit to what the technologists can do in payments, there are regulatory contexts that need to be shifted

Sam Maule @sammaule: There are structural and regulatory blockers inhibiting major innovation in payments. Good point from @dgwbirch #money2020

Paul F. Doyle @pfdvv: Point about regulators preventing banks from innovation…very good point #money2020

Digital Retail Apps @digitalretail: A2: shopping and paying flow will be seamless & integrated – not disjointed as it is today #Money2020

Social Network Woman @Donnaantoniadis: I was impressed with @AmericanExpress and their @serve product #Money2020

Question 3 Bank of America @BofA_News: Q3: What does the shopper of the future look like? #Money2020

Jim Marous @JimMarous: A3: Shopper is no longer a follower, but is leading the charge with a mobile-first mentality. We need to keep up. #Money2020

Cherian Abraham @cherian_abraham: #Money2020 – Paypal defaulting to Bill Me Later as funding source in app was smart, towards building a compelling merchant value prop.

Cherian Abraham @cherian_abraham: #Money2020 – Paypal knows how to manage risk, sometimes at the expense of cust experience. Bill Me Later is Paypal finetuning its economics

Aaron McPherson @aaronmcpherson: A3: Shopper of the future will have vast information (some of it false) – challenge is going to be to penetrate the cloud #money2020

David W Pipe @DavidWPipe: A3: Shopper of the future will expect identical, seamless experience across all channels – at warp speed. #money2020

Thomas Noyes @noyesclt: #money2020 consumers and merchants will migrate toward value… Payments will evolve to dumb pipes… Something that should work.. Value

Elizabeth Dias @techmktggirl: A3: I use the term “omnichannel shopper”: digital, frictionless #CX, value & meaningful engagement during commerce exp. #money2020

Dave Birch @dgwbirch: #money2020 i do think that payments will begin to vanish from the consumer shopping experience

Perficient Fin Serv @Perficient_FS: @dgwbirch Agreed, it’s all about putting it in context for the consumer or biz. #money2020

Kevin Boglarsky @kmbx2ind: #money2020 Q3. They will be more connected via apps and expectations for payments will be higher. Behind the scenes but easier

D3 Banking @D3Banking: #money2020 consumer of the future will be like consumer of today. Convenience, choice and security will direct their behavior.

Dave Birch @dgwbirch: .@aaronmcpherson visa/MC could switch merchant identities too and therefore anchor distributed reputation management #money2020

Thomas Noyes @noyesclt: #money2020 banks and V/MA are NOT the center of commerce.. They should work to support it. Few large companies excel at helping others

Bank of America @BofA_News: A3: Connected. Informed. Having an abundance of choices. ^fs #Money2020

Dun & Bradstreet @DnBUS: High expectations: “Know me”–very location & platform. RT @BofA_News A3: Connected. Informed. Having an abundance of choices. #Money2020

D3 Banking @D3Banking: #money2020 consumer of the future will more and more expect FIs to behave as retailers. This is not good news for many FIs.

Thomas Noyes @noyesclt: #money2020 networks are hard to change. They were formed around an existing value proposition… Agreement… Revenue shares… Rules..

David W Pipe @DavidWPipe: A3: I also believe any solution that tries to dis-intermediate the banks is doomed to failure. #money2020

Bank of America @BofA_News: A3: Expects simple, seamless experiences across channels and more personalized, relevant propositions. ^fs #money2020

Thomas Noyes @noyesclt: #money2020 new networks are forming and most see them though the lens of what we have today (we do that already). The basis of competition

Kevin Boglarsky @kmbx2ind: #money2020Discover, Am, v & McCoy need to facilitate commerce. Not just payments. There are Benefits in using safe secure infrastructure

Thomas Noyes @noyesclt: #money2020 value proposition is changing.. Consumer trust is not locked in a bank… Just as commerce value is not locked in a card

Bank of America @BofA_News: A3: Data is nothing without insight and analysis. ^fs #Money2020

James Ray @Rockhopper08: A3: Future consumers will be better informed and more efficient, with higher expectations; Payments akin to electricity – utility #Money2020

Dun & Bradstreet @DnBUS: A3: Future shoppers will expect a seamless navigation btwn digital & physical. #Money2020

D3 Banking @D3Banking: Nowhere is the gap between FIs and retailers greater when it comes to serving the consumer than in how data is used.

Paul F. Doyle @pfdvv: What about B2B? …are we, as an industry giving enough attention to B2B payments at this event? Me think, not! #money2020

Elizabeth Dias @techmktggirl: “@Apple may very well be the leader when it comes to mobile commerce.” #money2020

David W Pipe @DavidWPipe: A3: Secure payment will become nothing more than a hygiene factor as solutions focus on other issues. #money2020

Bank Innovation @BankInnovation: Apple, again the elephant in the room #money2020

Dun & Bradstreet @DnBUS: A3: Retailers will have to battle for shoppers’ mental space as they seek to reduce irrelevant offers. #Money2020

Thomas Noyes @noyesclt: #money2020 why isn’t Apple doing more in payments? They have so much opportunity. They care about great consumer experiences

Aaron McPherson @aaronmcpherson: @noyesclt I used to think Apple had a master plan, but now I wonder if they just have bad management. #money2020

Micah Bergdale @nycmacguy: @aaronmcpherson @noyesclt Apple getting into traditional payments would be a divergence of strategy & is not who they want to be #money2020

Aaron McPherson @aaronmcpherson: @noyesclt @nycmacguy Agreed, but I worry that they’re missing the window. #money2020

Jason A. Cobb @jasonacobb: Excellent point, Apple & Google occupy the same mental space as MS and IBM did in the past as the big bullies. #Money2020

Dun & Bradstreet @DnBUS: And analysis is nothing w/out the right ?s. RT @BofA_News: A3: Data is nothing without insight & analysis. ^fs #Money2020 #Money2020

Scott Dueweke @Scott_Dueweke: The aging of the population will force mobile into the mainstream, I believe….#money2020

 

Question 4 Bank of America @BofA_News: Q4: What will it take for mobile payments to become truly mainstream? #Money2020

Elizabeth Dias @techmktggirl: A4: Relevant context around payment exp itself, and creating “openness” with apps & services that solve a true cust problem. #money2020

Jim Marous @JimMarous: A4: #Mobile pymnts need perceived security, ease of use and guarantees of cards. Authentication solution = Tipping point #Money2020

James Ray @Rockhopper08: A4: Mobile payments will become mainstream when “open architecture” permits coexistence – no walled gardens! #Money2020

Paul F. Doyle @pfdvv: Mobile payments becoming mainstream is a function of time avid famiiariyh…and consolidation of methods #money2020

Social Network Woman @Donnaantoniadis: So difficult to change consumer behavior – #money2020

Micah Bergdale @nycmacguy: Juniper Research: mobile ticketing, specifically transport, will drive adoption of mobile payments. We are seeing that in the US #money2020

Arnold Ochoa @a8a: In order to become mainstream mobile payments must be ubiquitous, convenient and add value to current payment methods #money2020

PrairieCloudware @PrairieClouds: Mobile payments tech in its current state is still a solution looking for a problem. Cards are simple, fast and secure enough.

Jim Marous @JimMarous: A4: #Mobile Pymnts Mainstream: Friction needs to be eliminated for the merchant, the consumer and the bank #Money2020

Aaron McPherson @aaronmcpherson: Q4: when will mobile payments be mainstream? A4: in digital media, it already is. #money2020

Lanny Byers @lannybyers: Dave Birch at the BofA chat says mobile app is not about payment but about the experience. I agree! #money2020 @chyppings @BofA_News

Thomas Noyes @noyesclt: #money2020 mobile pos pmts are dependent on value… And changing consumer behavior. Apple has highest trust to change behavior

Bank of America @BofA_News: A4: Simpler, faster, secure & more value-add for the shopper & economically beneficial for merchants & financial institutions ^fs #money2020

Kevin Boglarsky @kmbx2ind: #money2020 Mobile going mainstream: have to remove a pain point for consumer or remove friction is a process. Value for the consumer?

Sam Maule @sammaule: Technology impacts payments. Visa’s CMO on payments strategy “We design around the flick”. #money2020

Bank of America @BofA_News: A4: When we have a business model that retailers and banks can get behind… ^fs #money2020

JamesRonca @jamesronca: Mobile payments will be mainstream when they are as easy and convenient as pulling a card from your wallet. #Money2020

Dun & Bradstreet @DnBUS: A4: For mobile payments to go mainstream, need cooperation among the mobile carriers, merchants & financial institutions. #Money2020

Jim Marous @JimMarous: A4: ‘Simple’ is the new black with mobile. Mobile payments become mainstream when all processes are streamlined. #Money2020

Cherian Abraham @cherian_abraham: #Money2020 – To deliver customer value, one needs context..and lots of it. Which is what makes Banks and Google for example irreplaceable.

Sara Abernethy @saritasla: Mobile payment alone does not change the process of checkout in retail. Shopper still waits in line with existing wallets. #money2020

Bank of America @BofA_News: A4: AND there is a compelling enough use case to incent customers to change their behavior (beyond the payment) ^fs #money2020

Bank of America @BofA_News: For mobile payments to succeed they need to be universally accepted. ^fs #money2020

Social Network Woman @Donnaantoniadis: Consumer education is key to changing consumer behavior – #money2020

Bank Innovation @BankInnovation: Huge gap in customer awareness to be overcome to advance mobile payments @techmktggirl #money2020

Cherian Abraham @cherian_abraham: #Money2020 Banks & Google are positioned in a way to capture a lot of customer context and can deliver value if & when they make useof it.

Paul F. Doyle @pfdvv: If I have to think about the payment instead about the purchase, then there is a big problem with the payment system #money2020

James Wester @jameswester: Educating consumers IS important. But sometimes, maybe frequently, it’s not dumb consumers. Sometimes the product just sucks. #money2020

D3 Banking @D3Banking: #money2020 How will mobile payments overcome the app apocalypse? Asking consumers to open multiple apps ultimately fails.

Dun & Bradstreet @DnBUS: A4: Must have a value prop that resonates: what does this do that my card doesn’t do today? #Money2020

Arnold Ochoa @a8a:I don’t need different kinds of banknotes to buy in different places, why should I need a diff app to pay on different venues #money2020

PrairieCloudware @PrairieClouds: #money2020 Mobile payment apps are a failed strategy at least in the USA. Too many and too irritating to search through apps, find, use.

John Muller @jmuller: @noyesclt makes the point: even with strong product, persuading consumers to change behavior is hard and slow. #money2020

Micah Bergdale @nycmacguy: @bytemarkinc processing millions of $ in mobile payments with ticketing. Amazing we are doing more than Isis & PayPal/HomeDepot #money2020

Bank of America @BofA_News: Thanks to everyone who got up early here in Vegas to join the #Money2020 Future of Payments Innovation chat.

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