Insights from Money20/20 Europe Conference 2024
Money20/20 2021 Highlights Rapid Growth and Innovation in Global Payments Industry
The Money20/20 event this week marked a significant milestone, being the biggest it has ever been. The event, held in various locations, brought together industry leaders, innovators, and enthusiasts to discuss the latest trends and developments in the payments sector.
Key Trends
A strong focus on artificial intelligence (AI) for enhancing risk management, fraud detection, and credit underwriting solutions was a key theme. AI-powered risk management, fraud detection, and credit underwriting solutions are enabling institutions to improve automation, scalability, and security.
Tokenization and blockchain technologies were also discussed as important for payment security and safeguarding transactions, particularly in evolving digital currencies and payment scenarios. These technologies give platforms a competitive edge.
Infrastructure innovations like SoftPOS technology were a prominent highlight. SoftPOS allows commercial off-the-shelf devices (smartphones/tablets) to be used as contactless payment terminals, supporting the ongoing shift to digital payments and brick-and-mortar merchant needs.
Emerging Markets
In Asia and other developing regions, QR code payments are expanding, contrasting with the rising adoption of contactless NFC-based payments in developed markets. The conference underscored the opportunity in emerging markets, particularly in Latin America, Asia-Pacific, and the Middle East.
B2B and Consumer Focus
There was increasing recognition of evolving consumer expectations supporting a broader range of digital financial services. Companies are focusing on closing the gap between consumer trends—such as smartphone use and digital wallets—and financial technology offerings.
Networking and Deal-Making
The event primarily focused on serious deal-making and connection building. The myriad opportunities for networking alongside high-calibre speakers provided a platform for attendees to forge new partnerships and collaborations.
Industry Growth
The industry discussed at the event is excited for and rapidly engaging with its next stage of growth. The infrastructure side of the industry is gaining more attention, with increased discussion of payment rails, networks, and interoperability.
Regional Focus
Africa is a topic of interest for some companies at the event, but the majority of the discussion is coming from regional companies rather than those focusing on expansion. Some stands at the event reported seeing less casual footfall compared to previous years, suggesting a shift towards more targeted and focused interactions.
Tokenisation and Blockchain Beyond Cryptocurrencies
Tokenisation and blockchain are re-emerging at the event, often without a focus on cryptocurrencies, and are being explored for improved network solutions for fiat. Artificial intelligence discussions at the event showed a shift towards practical application and realistic use cases, with a decline in hype.
Overall, the conference underscored how pandemic-driven digitization accelerated existing trends toward AI, secure digital payment methods, and infrastructure that supports seamless consumer and business payment experiences across various geographies. The payments industry is poised for continued growth and innovation as it adapts to the changing needs of consumers and businesses worldwide.
[1] Payments Dive [2] Finextra [3] PYMNTS.com [4] Banking Technology
- Despite the focus on AI, cybersecurity, and data-and-cloud-computing in the payments industry, there is a growing importance attributed to traditional finance, as infrastructure innovations like SoftPOS technology support the shift to digital payments.
- In the realm of artificial intelligence, high-calibre speakers at Money20/20 discussed practical applications and realistic use cases, with a decline in hype, emphasizing the need for AI-powered risk management, fraud detection, and credit underwriting solutions that enhance automation, scalability, and security.
- The ongoing digitization of the global payments industry is also propelling the adoption of tokenization and blockchain technologies beyond cryptocurrencies, particularly for improving network solutions for fiat currencies and evolving digital currency scenarios.
