Insights & Quotes from Day 3 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 27 speakers and 6 sessions.

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

NC1: Enabling Financial Inclusion through Mobile, Prepaid and Fintech Innovation

Dan Schulman, Group President, Enterprise Growth, American Express said:

The typical payday loan costs $300 – $400. A reimagining of the financial system can fundamentally change the system. What we try to think about is how we could reimagine the financial services and how to create a new wave of consumer banking, looking at the adoption and penetration of mobile in U.S.

MJ Petroni, Enabler, Digital Financial Services, Bill & Melinda Gates Foundation & Principal, Causeit Inc. said:

Last year Americans spend over $30 Bn in bounce cheques. There is also another section called unhappily banked. 70 – 100 mn us adults are either outside formal financial system or are unbanked or underbanked.

NC2: Enabling Merchants Go Cashless

Steve Pratt, Director, Business Development, BitPay said:

We have TravelCoin for travelling, GameCoin for Gamers.

Jeffrey Toewe, Chief Commercial Officer, Doublebeam said:

Small merchants have emv as a catalyst that is starting to accelerate adoption or hinder adoption. EMV terminalization too expensive for micro merchants

Kathy Levin, Senior Director, NACHA said:

Cost effectiveness, very slim margins like gas stations, grocery stores see lot of margin with ACH.

Jordan McKee, Senior Analyst, Mobile Payments, Yankee Group said:

MIT bookstores are now accepting Bitcoins. Micro merchants can go cashless via crypto currency.

Some additional thoughts and discussions from Day 3:

  • 65% of U.S Citizens live paycheck to paycheck. This means if there is any kind of emergency such as a leaky roof, car accident or medical emergency that occurs, it puts them immediately on a downward spiral. These individuals then turn to credit loans, moneylenders, pawn shops, etc.

  • The economy of car apps has risen from a meagre market in 2007 to $68bnb in 2013.
  • Vision Mobile 2014 says only a minority of cars in society can interact with car-apps today.
  • Deployment of an In-car-electronic strategy will require collaboration for the Connected Car industry to grow stronger.