For three days, payments leaders, tech visionaries and influencers met in Las Vegas for Money20/20 USA. The E6 team hit the floor with a stunning booth and a plan to make this show our biggest ever. The metrics are still pouring in, but we already know the show was a smashing success. With so many industry leaders in one place, it was an outstanding opportunity to hear the latest trends, insights and pain points from customers, partners, and prospects.
While we know that Money20/20 is a must-see show, we also know that not everyone can make the trip. But don’t worry, we’re here to share our 6 themes, insights, and takeaways from the 2023 show in Las Vegas.
In the past few years, there’s been a major inflection point as consumers adopt more innovative payments technology into their life, and then those consumers expect the same transformation in their business payments experience. Industry-wide the pace of transformation continues to increase. “Compared to past years, there’s a real sense of urgency,” said Matt Little, VP of Product, “We aren’t having theoretical conversations about future plans. The conversations are focused on how we can make an immediate impact on business. And we’re more than capable of delivering the changes they want on the timelines they need.”
Buy Now, Pay Later has dominated the payments market for the last few years, but things are changing. As the disruptive BNPL players have faltered, there are new opportunities for issuers, tech companies and brands. That’s especially true for companies that are looking to expand installments beyond the consumer market. “I’ve fielded a lot of questions about installments,” said Stephen Breen, Managing Director, Strategic Initiatives, “With interest rates going up, companies are looking for new ways to meet the credit needs of their customers, so naturally we’ve seen a lot of interest from companies looking to rethink the traditional installments model and expand into new markets, like our new SME-focused product, Business Now, Pay Later™.
As the world continues to become more interconnected, multi-currency offers consumers and businesses an unprecedented opportunity to take part in the global economy, to effortlessly conduct transactions in multiple currencies or send cross-border payments. “With so many global businesses in attendance this year, we’ve fielded a lot of questions about multi-currency. It unlocks so many potential opportunities. When we talk about our capabilities, you can see their faces light up, like a kid in a candy store,” said Craig Ramsay, Managing Director, Business Development Head – EMEA, “Our platform is so flexible, we’ve been able to have constructive conversations about answering their payments challenges.”
B2B payments have long been an afterthought in the payments industry, but that’s changed quite in a bit in the last couple of years, particularly around virtual cards. As businesses demand better visibility into their spend and improved cashflow management, virtual cards are a strong asset. “Virtual cards have emerged as a powerful tool for our customers, which can provide them with enhanced security and spend controls, which make them invaluable for procurement and employee spending,” said Daryn Griggs, Managing Director – APAC.
As consumers and businesses get more comfortable with new payments technology, their expectations will increase at an accelerated rate. “The industry continues to evolve,” said John Mitchell, CEO and Co-Founder, “Payments are really the heart of everybody's livelihood and so are the infrastructure we're providing is critical to our customers’ long-term success.” Disruptors are disruptive for a reason. They see an opportunity and react faster than existing service providers. To stay ahead of the pace of innovation and a step ahead of potential disruptors, businesses need a flexible payments technology provider to power their offerings.
Banks are caught in a precarious middle ground. They understand the need for innovation, but changes to their core platform are risky and expensive. As a result, they’re looking for ways to provide low impact solutions. “How can you work with my existing system? We’ve answered that question quite a bit,” said Nirmal Chander, Sr. Regional Sales Manager – APAC, “It’s understandable. Making a change to their core platform can be scary. So, banks are looking for a sidecar to add the innovation they need with minimal impact on their core platform.”
When you gather thousands of passionate payments experts and innovators in a single space, you should always expect something amazing to happen. From breakthrough technologies to thought-provoking discussions to a pretty epic concert, Money20/20 delivered. Our final takeaway is that the expectations of payers and payees are raising the bar, and payments providers are answering the bell.
It’s only 173 days until Money20/20 Asia (but who’s counting). It’s going to be an epic show, and you should totally come see us. In the meantime, contact our sales team to chat about any of our takeaways.