Money20/20 is done and dusted for another year, and as expected each day was packed with insightful sessions and thought-provoking keynotes. For the PAY.ON team who attended, there were also dozens of meetings – both scheduled and spontaneous – with clients, prospects, and partners. We also made time to walk the exhibit hall, which is a chance to see how both start-up and established companies are innovating and responding to market challenges. Many private equity firms were also in attendance, with large exhibition spaces, showing the interest in investment in innovative and high growth companies and products. Now that we’ve left Las Vegas behind us, it’s time to reflect upon a few of the hot topics that were central to this edition of Money20/20.
No surprises here, right? Although no one from Apple was present, a panel session still weighed in on Apple Pay’s impact in the mobile payments space. Experts once again lauded Apple’s marriage of customer experience with security. But what’s most interesting is how Apple Pay is spurring broader growth in mobile payments, and how the tokenization standard being used is a positive development for payments. Confirming this, PYMNTS.com reports that non-Apple Pay NFC payments are also seeing positive growth following years of slow uptake. With PAY.ON’s development of a white label Apple Pay SDK now completed, we’re prepared for the technology to be adapted to other payment methods.
With over 7000 attendees, Money20/20 is the perfect place to meet with partners and clients under one roof, and perhaps unsurprisingly where many new business partnerships are announced. This was clearly evident this year, as payment technology providers revealed details of partnerships aimed at achieving global growth and giving the respective companies a competitive edge. PAY.ON met with partners such as allpago, the specialist payment service provider who have now expanded their operations in Mexico, which is Latin America’s second-largest eCommerce market.
The dedicated (Bit)coinWorld track at Money20/20 ensured that there was plenty of discussion surrounding virtual currency, and it looks likely that consumer protection, fraud and security will continue to be key issues surrounding the topic of crypto or virtual currencies such as Bitcoin. Year on year growth in the number of virtual currency companies attending Money20/20 shows the continued steady march towards the mainstream and suggests that regulation of virtual currencies will be top of the agenda in 2015.
Several developments in biometric technology were showcased, including AGNITiO’s voice biometrics and EyeVerify’s updated ‘EyePrint ID v2.0’, an elegant solution for mobile identity protection. It will be very interesting to see how these methods of authentication are further developed and utilized in the payments space, where Apple Pay’s use of Touch ID for authentication is already being praised as a very positive step for payments security.
Just prior to the start of Money20/20, it was announced by the organizers that Money20/20Europe will launch in 2016. We expect that the organizers will stick to the formula that has quickly made Money20/20 a must-attend event, but with an increased focus on opportunities and challenges in European markets. We think this is a really positive move, and anticipate that many PAY.ON representatives from both sides of the Atlantic will be in attendance.