Insights & Quotes from Day 2 at The Money Event

Yesterday marked Day 2 of the Money Event and the CTIA Super Mobility Week. It was a great first day with 67 speakers and 15 sessions.

Some of the sessions held under the tracks and some quotes are:

GM2: Mobile Money: Transformative for Financial Inclusion

Danny Shader, CEO, PayNearMe said:

The meta issue of financial inclusion is a lack of understanding of the underserved market.

Lynn Chang Eisenhart, Senior Program Officer, Bill & Melinda Gates Foundation said:

'Mobile money works better in developing nations today than in the US.'

TM1: Enabled by Cloud, Experienced by Mobile

Ricardo Carvalho, Co-founder and Managing Partner, Timwe said:

You need to invest into marketing and do the right marketing in order to build a relationship with your customer. Users don’t care about native or non-native apps. The only requisite is ease of use and convenience. NFC introduction by Apple could have major implications not only on the marketing side, but also on the payments end.

Ramneek Gupta, Managing Director, Citi Ventures said:

Discovery is becoming easier. Few companies have that capability to change everything, apple is one of them. The fee on CNP (card-not-present) transaction is 3% while that of CP (card present) transaction 1.5%. Now because of Apple the fee could reduce to less than 1%.

Ming-Tai Huh, Founder & CEO, SwipeOut said:

Bitcoin - how is apple gonna go about that? I think alternative currencies will evolve. I don’t think Bitcoin and ApplePay are overlapping in any way. Bitcoin has much more of a use case.

TM2: Impact of Device OEMs and OS on Money & Commerce

Peng Ning, VP Engineering, Samsung said:

Whilst usability is key for payments, security is a necessary condition for people to use them. Balancing Usability and security is one of the keys to healthy relationship between OEMs and end users. I think we’ve seen HCE take off in a big way in the last few months. I think it’s positive. We got all the tech moving in the right direction.

Sandeep Sinha, VP, Trustonic said:

There are propriety aspects in the system and NFC is the standard.

WW1: The Wallet Wars: 90 wallets and $3B in investments later…still waiting for Apple?

Jed Rice, EVP Business Development, Paydiant said:

MCX wallet will be rich in user experience if limited in tender types.

Marc Winitz, SVP Marketing, Monitise said:

How can an Issuer be 'top of wallet' in Apple Pay?

Jeff Miles, VP Mobile Transactions, NXP said:

'McDonalds started accepting NFC payment in 2003. Mobile payment is a matter of education.'

WW2: 5 years later, what is really a digital wallet?…It might not be what you think!

Cyriac Roeding, Co-founder & CEO, Shopkick said:

'Three successful mobile payments so far; iTunes, Starbucks & Uber. Shopkick is building a beautiful world in personalized physical world.'

Patrick Gauthier, Head of Emerging Services, PayPal said:

'52% of Americans exposed in breach this year. This is massive. Apple does not really care about payments, they care about creating great experiences.'

Corey Gross, CEO & Founder, Sensibill said:

The Digital Wallet needs to tap new channels of shopper behaviour. Receipts are overlooked. Let's change that! Priority is making receipts all about the consumer - no more useless paper people!

Some additional thoughts and discussions from Day 2:

Telecoms have enough data and resources but they have tough time to put data together for insights.

AT&T collects 30 Bn data points per hour (network data); operators focus on data links, target marketing, mobile commerce.

Effective consumer engagement is about giving them choice, control and value.

NFC and Beacons aren't about digital coupons - they're a new way to engage with consumers.

NFC makes products more than a just a thing - it enables them to have a story and lifecycle.

GenX doesn’t want to see popup ads in apps or phone. Give some fun incentives in form of location based gamification.

Mobile social local aggregation is a huge space and will see lot of attention.