Payments Networks Should Be More Worried Than Ever, Expert Says

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Chris Daniel sees value in many of this year’s disruptive payments innovations. Bringing transaction power to the mobile device, the co-chair of Paul Hastings’ Global Payments Group says, is a wonderful thing.

But more change — bigger change — may be just around the corner. Much of what’s happened so far this year has taken place, Daniel says, at the form factor level; the consumer experience is changing, yes, but most transactions are still being completed using decades-old technology.

The key term for the next several years: disintermediation. Daniel says expanded internet access and the further development of global mobile networks are leading some entrepreneurs to believe they can replace those existing payment settlement mechanisms — a task that seemed completely impossible just 20 years ago.

Listen to the full conversation with Chris Daniel for added perspective on what the future of payments might bring, what startups can do to capitalize on opportunities, and what incumbents should be doing to prepare for change.

Chris Daniel

Partner, Co-Chair - Payment Systems Group

Chris Daniel serves as Co-Chair of the Payment Systems Group and is a partner of the corporate department of Paul Hastings LLP.  Mr. Daniel is recognized as one of the country's leading attorneys in payment systems law, including electronic payments, prepaid cards, and money transmission. He has been named one of the Leading Lawyers in Banking & Finance by Chambers USA in 2008, 2009, 2010, 2011 and 2012.  Mr. Daniel focuses his practice on financial institutions and other companies participating in the nation’s banking and payment systems.  He also recently completed payments transactions in the EU, India, China and Argentina.