As always, the Money 20/20 conference in Vegas is the talk of the payments industry each October and the Transpay team was there. Some of the conversations we enjoyed the most included:
AI - A full day devoted to AI included a session by Apple co-founder Steve Wozniak. Discussions ranged from using AI to make the end user’s life easier, to cutting costs and increase efficiency, and fighting fraud. Amazon presented the use case for a myriad of their clients too. It’s clear that this is a topic which we’ll be hearing about for a long time.
Wallets – Ant Financial, Alipay’s investment arm, spoke in their keynote about how their wallet makes life easier for their Chinese customers as they travel the world. At the same time, we found that the LatAm FinTech community sees a number of hurdles to wallet adoption in the region including taxation of money in wallets (30% in Brazil) and a culture that is used to paying in installments, not storing money. Clearly regional differences have a big impact on how wallets are used across the globe.
Telecoms & Big Tech - It’s not just FinTech getting a piece of the pie these days. Orange is looking to expand into the African payments space, while Uber announced their new card in partnership with Barclays and Apple spoke about the adoption of Apple Pay and its contactless transactions. It’s clear this space appeals to more than just banks and FinTech! We’re interested to see who will be added to this list by next year’s show!
Financial Inclusion- An entire stream was dedicated to understanding the challenges and opportunities to serve the unbanked or underserved. Some investors attributed the staggering number of people living outside of the financial services reach to the perception of risk. However, when we look at how the gig economy continues to blur the boundaries, foster partnerships, and unlock opportunities in emerging markets and underserved communities we can also appreciate how the solutions to this reality are increasing exponentially.
This event is a great opportunity for us to hear the latest industry news and each year emphasizes the global nature of banking and money movement, something we understand well. At Transpay, we’re investing heavily in technology that simplifies global payouts, and with coverage in over 120 countries today, we’re expanding our direct-to-bank network by adding new countries, banks, and cash payout locations.
What were your key takeaways from the show? Let us know in the comments below!