5 Things You Don’t Know Because You Weren’t At Money2020
Money2020 just might be the smash hit in the world of finance industry conferences. In its first iteration, in late October at the Aria in Las Vegas, it sold out, drawing 2,000+ attendees and it fielded an expo hall stuffed with huge booths from PayPal, Google Wallet, American Express and other all-stars in the sector.
Attendees, too, were power brokers – very senior executives at Discover, Visa, Walmart, Bank of America, and down a list of people who matter in shaping what money will look like in just a few years.
* What's Up With Isis?
Isis – the NFC-powered mobile payment system launched by AT&T, Verizon and T-Mobile - announced it had opened its pilots in Austin, Texas and Salt Lake City on Day 1 of Money2020 and just about nobody cared.
* EMV May Be In Trouble
Mike Cook, the payments guru at Walmart, said it an aside on a panel: He does not see EMV – the chip and PIN upgrade to mag stripes that many take for granted by 2015 in the U.S. –
* Bluebird May Be Your Vulture
At BAI Retail Delivery a few weeks ago, right after Walmart and American Express announced the launch of the no-fee Bluebird payment account, the sense among bankers was that Bluebird would sing a dirge on Green Dot’s grave but bankers – and by extension, credit unions – had little to worry about this product that seemed to be aimed at the underbanked and unbanked.
* “It has to be exciting”
What has held back adoption of mobile payments and mobile wallets so far? Speakers at Money2020 fingered consumer concerns about security but the other issues are that, so far, the available tools aren’t easy to use and they are not exciting.