Money20/20 USA Day Four: That’s a Wrap!
Over the course of four days, Money20/20 USA (client) brought together C-level executives, thought leaders, innovators and disruptors from around the world to have conversations about the future of money. Wednesday, the final day of the conference, drew a record number of attendees who were eager to learn and network. During the final hours of the event, attendees heard from more C-suite executives and entrepreneurs about topics like cybersecurity and predictions for the payments landscape.
Fighting Cyber Crime
If there’s one thing we’ve learned this week, it’s that the future of money will be shaped by data and technology. Cybersecurity is a focus for all industries, but as fintechs and incumbents alike are finding ways to make their products readily available across digital interfaces, more concerns have been raised about mobile devices’ vulnerability to cyberattacks. And with good reason. During a fireside chat, Chris Reid, executive vice president of data and cyber and intelligence services for North America at Mastercard, said, “Every minute of every day, there are 127 new devices being connected – all posing their own vulnerabilities. In this year alone, 3.2 billion records have been breached.”
According to Reid, Mastercard is going the extra mile to prevent these occurrences through AI technology, investment in cyber talent and pursuing partnerships to protect the commercial ecosystem. In addition to bolstering Mastercard’s products on the back-end, the transparency around what the company is doing to protect its consumers’ data in an age of digital uncertainty builds on the corporation’s most valuable asset – customer trust.
Payments of the Future
Executives from PayPal, Citibank and Square sat down with Deloitte to discuss the future of payments. The panelists began by looking back on what the industry saw in 2019, including new technologies and the rise of disrupters. They agreed that these are driving opportunities for all companies in the space, including banks, fintechs and incumbents.
However, they also identified some of the key challenges that come with a changing industry, such as system integration, meeting the constantly evolving expectations of customers and issues with the underlying infrastructure. Citibank shared that the U.S. is still an emerging market for payments. Looking ahead to 2020, panelists expressed skepticism around cryptocurrency and expect a larger push to real-time payments and a rise in social currency.