The Hotel Kabuki in San Francisco was packed yesterday with visionaries, entrepreneurs, developers, press, investors, authors, solution providers, service providers, and organizations that all work at the convergence of cash and commerce. The Future of Money & Technology Summit set out to explore the impact that technologies of today and tomorrow will have on people's relationship with currency, and it did not disappoint.
Money Meets Tech
"Virtual, secure and personal is what the future of money is." - Bill Harris, Personal Capital
Only 30% of Facebook users utilize the "Facebook Credits" system.
"Trust is what a currency/pseudo-currency is all about, and states and government will retain their role in maintaining that trust." – Bill Harris, Personal Capial
"Prepaid eGift cards are the fastest growing, most profitable item of the financial services industry." - David Stone
"Facebook is an arbitrage play, collecting personal data below market rates." - Patrick Murck, Engage Legal
"93% of the U.S. population own mobile devices; 2/3 feel comfortable using it for purchases." - David Stone, CashStar
"In 2010, 1.7% used eGift cards on mobile devices; 8.1% in 2011." - David Stone, CashStar
On Facebook Credits: "I don't think it's going anywhere, Facebook is trying to do too many things." - David Stone, CashStar
"You won't see a real adoption to mobile payments until the consumer is getting more benefits than just a swipe replacement." – Vincent Kadar, Telepin
"Consumers need more from mobile transactions/payments; must provide benefits and intelligence." - Chris Battles, Intuit
"Introduce a value component to merchants/consumers beyond ease, and mobile payments will adopt faster." - Rat Ramilosa, Boku
"In the future, you'll have a variety of mobile wallets for a variety of merchants." - Chris Battles, Intuit
"Let's change payments entirely; no more 16-digit numbers and look at things from a different POV." - Vincent Kadar, Telepin
The number of merchants in the "Mobile Payments" panel: zero!
Voice seems to be biometric of choice for future mobile security.
"The US dollar is a virtual currency - only 3% of physical dollars exist so it is 97% virtual." - Jared Kenna, Bitcoin
Importance of big data: "The cost of money is the risk of money, and the risk of money is based on the data behind the risk." - Christian Lanng, Tradeshift
Visions of the Future
Need for a new sustainable model: "The US government spends 2 cents to make a penny, 7.7 cents to make a nickel." - Dave Birch, Consult Hyperion
On the future: "Even more 3rd parties will come in to remove fiction and provide secondary valuables to payments." – Jay Bhattacharya, Zipmark
"The human race generates more data every 2 days than we did from the dawn civilization until 2003." - Eric Schmidt, Google (as mentioned by Bill Clerico, WePay)
"Payment relationships will be owned through the platform, not the financial companies. Apple & Google will bypass Citibank and Visa." – Mike Mettler, card.io