- Briefing Room
- Consumer Engagement
- Commerce 3.0
Payments is a two-sided business. It requires the engagement of both merchants and consumers. So anything that is intended to “innovate” payments better deliver enough value to both sides so that both merchants and consumers have the incentives to move away from what they know works today to the promise of something that might work better in the future.
Turns out, that’s a big deal. And getting consumers and merchants to change the ingrained habits that dictate their behaviors isn’t easy. Finding the hidden clues that can unlock those behaviors is tasked to one of seven CEO panels that are a part of The Innovation Project 2013, a program hosted by PYMNTS.com on March 20-21 at Harvard University and designed to change the way that the payments and its broader commerce ecosystem thinks, talks, delivers and ignites innovation. Steve Levitt, economist, University of Chicago professor and author of Freakonomics, and Don Kingsborough, VP of POS Innovation at PayPal and former CEO of Blackhawk, will lead one such discussion entitled Shoponomics: Uncovering The Hidden Clues For How Consumers Buy And How They Pay.
Kingsborough, whose job it is to lead PayPal into the offline world, knows first-hand the complexities of igniting a new network of any kind. He did it with Blackhawk, the gift card network now readying for an IPO, and says, “getting consumers to adopt any new thing and having retailers adopt at the same time is difficult.”
And this is where the words of Levitt may be extremely insightful: “The conventional wisdom is often wrong.”
He has a point.
In every single one of these cases, trusting “conventional wisdom” would have gotten these innovators very little and probably into a heap of trouble (and debt).
As part of the panel facilitated by Levitt and Kingsborough, four of the most dynamic innovators in payments will give The Innovation Project 2013 delegates a first-hand account of what happened when they turned conventional wisdom on its ear and gave consumers something new to use when shopping or paying.
Levitt and Kingsborough’s job will be to draw new insights from the innovators who are on the front lines of payments innovation and at the same time provide fresh and practical insights to Innovation Project delegates who want to leverage the assets they have (or could acquire) and overcome the obstacles to getting consumers to embrace new ways to shop and pay.
About The Innovation Project
Over 2 days, 100 speakers and 500 senior members of the payments industry will change the way that the payments and its broader commerce ecosystem thinks, talks, delivers and ignites innovation. On March 20th and 21st the greatest minds in commerce and payments will assemble at Harvard University near Boston to kick the conversation about innovation up to an entirely different level at a program called The Innovation Project. Speakers and delegates are among the most senior executives from literally every established payments company worldwide, along with the CEOs of the most innovative start-ups from Adyen to iZettle. One of its five modules includes pairing industry CEOs with external thought leaders such as Al Gore (former US VP), Steve Levitt (Freakonomics), Eric Reis (The Lean Start Up), Rosie Rios (US Treasurer), Russell Simmons (Rush Card), Raj Date (CFPB), and Josh Lerner (Architecture of Innovation) to challenge the conventional wisdom around what it will take to get merchants and consumers to adopt new ways to shop and pay. Warren Buffett is the program’s keynote. The Innovation Project also hosts the industry’s 2013 PYMNTS.com Innovation Awards, given to 15 of the industry’s top innovators over dinner, which this year will be emceed by B.J. Novak of The Office and will introduce delegates to 40 of the hottest “next generation” payments innovators.
PYMNTS.com is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of commerce and make news. This powerful B2B platform is the #1 site for the payments industry by traffic and the premier source of information about “what’s next” in payments. C-suite and VP level executives read it daily for these insights, making the PYMNTS.com audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate thought leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. It’s where the best minds and best content meet on the web.