Lance Homer🧵Live posting from #PaymentsCanada
“When you put a new lane on a highway, you end up getting more traffic. The same happens with payments.” -Tony McLaughlin, Citi
The fact that the banks that are operating Zelle are creating a wallet to compete with PayPal and ApplePay as well as Zelle its self shows US has some conflict of direction non-card payments are headed. -Christopher Chazin, Citi
Pre main stage announcement about being on the land of the first nations with encouragement to learn more about them and reconciliations. Very nice touch!
Tracey Black, President of Payments Canada takes the main stage. How many #payments have you already made today? #PaymentsCanada
Payments are evolving faster than ever. ISO20022 creates data rich payments that will reduce exceptions by including data with the payments message. We don’t know how it will evolve but will someday wonder how we lived without it. -Tracey Black, President of Payments Canada #PaymentsCanada
Payments matter because they keep the economy moving. #PaymentsCanada is working to make #payments easier, smarter, and safer for Canadians. 🇨🇦 -Tracey Black, President of Payments Canada
The Future of Payments- 9 trends to watch
Reimagining money -
1. tokenized world - $24T market by 2027
2. programmable payments - tested by JPMC and Siemens since 2021
3. Ubiquitous digital wallets - 4.4B wallers by 2025!!!
-Sasha Krstic, President, Mastercard Canada
Intelligent Experiences
4. Connected Finances - $7.2T for financial services through apps by 2030
5. Borderless Rails - $2.9T for consumers by 2027 and >$40T for B2B by 2024
6. Unleashing Acceptance- $9.6T in contactless POs transaction by 2026
-Sasha Krstic, President, Mastercard Canada
-Sasha Krstic, President, Mastercard Canada
Sustainable Futures
7. Inclusive Credit - $350B in micro lending by 2030, 70% of women owned enterprises with credit needs are unserved or underserved (didn’t call out Kiva but I will)
8. Conscious Consumerism
9. Embedded Trust - $24T cost of cybercrime by 2027
-Sasha Krstic, President, Mastercard Canada
Analogy of how building FedNow has been like hiking a mountain; many decisions will compound future choices so it takes lots of planning. #RealTimePayments
-Nick Stanescu, SVP, #FedNow of #FederalReserve Bank of Boston
Engaging early and often with the industry has been invaluable for #FedNow. Launch customer advisory group to get feedback.
-Nick Stanescu, SVP, #FedNow of #FederalReserve Bank of Boston
Banks customers aren’t going to walk into the bank and ask for #OpenBanking or #RealTimePayments but they will want that functionality. -Saba Shariff, New Product Development, Symcor #PaymentsCanada