Last week we attended the PYMNTS.com Innovation Project 2015 at Harvard University. This event featured representatives from companies across the globe innovating in many areas of payments, not only consumer, and from listening to this wide swath of industry experts and entrepreneurs, we came away with ten key learnings.
1) Innovation is more than about payments
2) Tokenization is the talk of the town, but boarding a customer is a vulnerable spot
4) EMV is coming to the US (like it or not), but resistance and questions remain.
5) Digital currency’s time has not yet come for the mainstream
6) P2P payments and remittance is a growth area for many
7) Apple Pay has reaccelerated the innovation pace for competitors across the board.
7) The days of 60-65% margins for the card networks are in jeopardy, and undoubtedly under pressure from innovation and new entrants (MCX, Amazon)
8) Dedicated POS terminals are getting a mobile friendly make-over.
9) Boston is a FinTech hub, with multiple local companies represented and bought
10) Many in digital payments are concerned with wide scale attacks and hacks, not safeguarding an individual’s data and privacy (….And that is a problem).