“EMV will be irrelevant in 3-5 years; NFC can do everything it does.” - Vinod Khosla
Point Roberts, WA and NEW YORK, NY - October 30, 2015 (Investorideas.com newswire) Investorideas.com, a global news source covering leading sectors including tech reports on attending the Money20/20 2015 Conference held at the Venetian in Las Vegas. With over 10,000 people in attendance, everyone was there to present or question – what’s next in payments and financial services?
What makes an event like this really exciting is the cross-section of answers, opinions and expertise that is shared.
On Sunday October 25 th, Mary Thompson from CNBC sat down with Vinod Khosla and gave the packed room an insightful glimpse into the mind of one of the most respected Venture Capitalists of today.
This was Vinod's first time at Money 20/20 and he said he was inspired to be there due to the amount of innovation and disruption possible today. "If you look at this whole space, it's a very large space; even niches are tens of billions of dollars; that's exciting."
Some of his investments within the space include Stripe, a developer-friendly way to accept payments online; and in mobile apps, Affirm and Square.
Looking at the financial markets future he said, "Capital formation is going to get much easier for start-ups. I don't think we will need large banks for that and we won't need middlemen."
He also told the audience, "We are going to move from an economy of labor and capital to an economy of ideas. We see that happening in every part of the ecosystem - especially tech-driven innovation. I think people that have the best ideas, that are willing to try, willing to fail and try again, keep iterating until they get better will do well. That applies to both traditional institutions and start-ups."
"Real estate is ripe for innovation in tech." This is reflected in one of the companies in his portfolio; Open Door https://www.opendoor.com, a new way to sell homes.
One of his final comments in the Keynote was on EMV vs. NFC for consumers. He predicts, "EMV will be irrelevant in 3-5 years; NFC can do everything it does."
This is a key issue in the evolution of the payment industry as everyone competes for a piece of the pie. The very different approaches taken by Apple Pay and Samsung Pay show that even the biggest players are not sure.
Exhibiting at Money 20/20 with the Wocket® smart wallet, designed to replace all the cards in a wallet with an innovative approach to payments, Gino Pereira, CEO of NXT-ID (NASDAQ:NXTD) shared his thoughts with Investor Ideas on EMV and NFC.
Gino said, "We will be implementing NFC (Near Field Communication) on Wocket® to give our users a viable alternative to EMV chip cards. NFC provides a similar solution to EMV protected tokenized payments and as such, merchants accepting NFC payments do not incur liability for fraudulent transactions, similar to EMV. NFC does have several advantages in that the technology can be used for more than just payments (such as opening doors and file transfer) which makes for a wider range of possible functionality on Wocket®. In addition, processing times are quicker than chip cards which should allow for a superior customer experience. Most EMV enabled POS readers are also capable of accepting NFC and we believe that more merchants will choose to do so to speed up checkout times."
The biggest takeaway from Vinod's presentation and the conference overall was the amount of money to be made in payments and financial services and the key to success was, "smart entrepreneurs innovate and iterate on their tactics."
Gino Pereira, CEO of NXT-ID
Watch the video Clips:
Money20/20 Keynote by Venture Capital Leader Vinod Khosla, Part One
Vinod Khosla Keynotes at Money 20/20 2015 Part Two
About Khosla Ventures http://www.khoslaventures.com/
Khosla Ventures is a venture capital firm focused on early stage companies in the Internet, computing, mobile, silicon technology and clean technology sectors that was founded by Vinod Khosla.
About NXT- ID Inc. -Mobile Security for a Mobile World: (NXTD)
N XT-ID, Inc.'s innovative MobileBio® solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio® suite of biometric solutions that secure consumers' mobile platforms led by Wocket® ; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. Wocket was recognized as one of the top technology products at CES 2015 by multiple media outlets including Wired.com. The Wocket works most anywhere credit cards are accepted and only works with your biometric stamp of approval or passcode. http://www.wocketwallet.com/
About Money20/20 (http://www.money2020.com/)
As the industry's primetime conference and trade show, Money20/20 delivers the biggest scale, best audience and most engaging event. Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000+ CEOs, from 3,000+ companies and 75 countries, expected at our 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.
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