MAPPING THE DIGITAL PAYMENTS REVOLUTION

SEE SUMMARY OF MEETING IN CONTENTS PAGE

A FUTURE OF FINANCE WEBINAR WITH PAYMENTS INDUSTRY LEADERS


Monday 8th June 2020 2.00pm - 3.00pm UK time


The old world of payments is dying, but the new world payments is struggling to be born. Around the world, the symptoms of an industry undergoing change are evident in growing pressure for instantaneous payment, rising competition from non-bank Fintechs, the shifting investment priorities of established market infrastructures, the growing interest of central banks in digital currencies and the appetite of traditional banks for data-driven overlay services. As with every Future of Finance panel, our panellists will explore how the old world and the new can work together to cut costs, drive innovation and increase growth and prosperity for everybody.

The Panellists


How much does it cost to make a retail payment? When the European Union (EU) investigated this question back in 2012 it estimated that the answer for the 27 member-states was €130 billion, a figure close to 1 per cent of the total GDP of the EU. According to the Nilson Report, merchants in the United States paid credit and debit card providers nearly US$90 billion in processing fees in 2016. If transaction costs are the principal cost of doing business in a modern economy, there is clearly plenty of room for the payments industry to make banks, retailers and consumers better off. Effective solutions, including the elimination of cash, cheques and perhaps even debit and credit cards, are now available thanks to digital technology and regulatory measures designed to foster open banking. But if the old world of payments is dying, the new world payments is struggling to be born. Around the world, the symptoms of an industry undergoing change are evident in growing pressure for instantaneous payment, rising competition from non-bank Fintechs, the shifting investment priorities of established market infrastructures, the growing interest of central banks in digital currencies and the appetite of traditional banks for data-driven overlay services. As with every Future of Finance panel, our panellists will explore are how the old world and the new can work together to cut costs, drive innovation and increase growth and prosperity for everybody. Their topics include:


Speed
o Is there a case for real-time payments and what is it?
o Does real-time payment cause more trouble than it solves?
o Can the current infrastructure of correspondent banks and RTGSs facilitate instant payment across national borders?
o Are digital currencies a short cut to real time payments?
o How could digital identity help instant payment?

Competition
o Which is the bigger issue for banks: open banking or digital payment?
o In what ways can APIs foster competition?
o Is data privacy an obstacle to greater competition?
o How can FinTechs best win the trust of consumers?
o Which matters more to consumers: convenience or security?
o Are Paypal and Apple wallet the past or the future?
o What do Alipay, WeChat and M-Pesa tell us about competition in payments?
o What data advantage do Fintechs have over traditional banks?

Transition
o What part can payments market infrastructures (PMIs) play in helping the payments industry adapt?
o What are the pros and cons of net and gross payment?
o What is the best solution to the constraints of legacy mainframe systems?
o How can interoperability between new and old systems be achieved?
o What part can standards play in inter-operability and data exchange?

Innovation
o Are Stablecoins anything more than faute de mieux?
o What happened to Libra?
o Is there a compelling case for a central bank digital currency?
o What sort of “overlay” services will be profitable for banks?
o Will “overlay” services create data privacy problems?
o Is check-out free payment the future of shopping?



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07/05/2020 by Simon Holloway

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02/06/2020 by Bob Blower

Adviser to several firms dealing in cash and remittances. CEO of an advanced digital payments platform making commercial payments into and out of Africa.

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