Tuesday, October 29, 2019
Describing the event as the intersection of payments, fintech and financial services, organizers noted that all play a role in the diverse commerce ecosystem. The premier global event unites disparate players from across the commerce value chain, facilitating discussions about the disruptive ways in which consumers and businesses manage, spend and borrow.
“We’re proud of the incredible growth we’ve experienced since our inaugural 2012 event, and we’re maintaining that momentum as the industry continues to consolidate around Money20/20,” they stated.
Throughout early presentations, speakers referenced aspects of the journey from merchant, end-user and service provider perspectives. Daniel Webber, founder and CEO of FXC Intelligence, moderated the X-Border Customer Journeys Workshop, with panelists Rebecca Loevenguth, vice president of transformation at Western Union; Nick Catino, head of public policy at TransferWise, TJ Hyland, head of ecommerce partnerships, Americas, at Payoneer; and Ronnie d’Arienzo, chief revenue officer at PPRO.
Panelists agreed that open banking, done correctly, can improve the customer experience, but implementation is not always simple. They also commented on the unpredictable turns that money has taken in its ongoing journey.
“When Steve Jobs launched Apple’s online store, analysts said the company would never need retail,” Loevenguth said. “When he launched two retail outlets in 2001, they asked why next-generation Apple would need a brick-and-mortar store.” Three years later, Apple’s retail outlets grossed $3 billion and the company went on to become the top-grossing revenue per square foot of any retail outlet in the world, she added.
Cross-border payments will always need a fully blended digital and in-person experience, Loevenguth noted, adding that Western Union and Amazon are working together because customers asked for it. “I need to reach every customer in the world,” she said. “And the reality is, the world is very in-person focused.”
“Each region is different,” Hyland said. “Americans can start using Payoneer right away but Chinese and Pakistanis might be more hands-on, due to their country’s specific requirements.”
“We prefer to use the term ‘local payment methods,’ because we don’t think of different currencies as alternative,” d’Arienzo said. “In fact, 77 percent of all ecommerce transactions are made using non-credit cards.”
Stay tuned to The Green Sheet this week for more updates from Money20/20 USA. 
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