News

Was 2014 The “Break Up” Year?

ebay and PayPal said they’d break apart. Apple Pay broke into the payments scene, cybercriminals and data breaches everywhere broke merchants hearts and consumers’ confidence and Kim Kardashian broke the internet but not before Alibaba broke the IPO tech record and became more valuable than eBay and Amazon combined. With that in mind, PYMNTS.com asked 13 CEOs about what they believe will make or break 2015.

eBay and PayPal said they’d break apart. Apple Pay broke into the payments scene. Cybercriminals and data breaches everywhere broke merchants’ hearts and consumers’ confidence. Kim Kardashian broke the internet, but not before Alibaba broke the IPO tech record and became more valuable than eBay and Amazon combined. With that in mind, PYMNTS.com asked 13 CEOs about what they believe will make or break 2015.


Airplus

AirPlus International’s Chairman of the Executive Board, Patrick W. Diemer

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

AirPlus payment solutions are based on virtual cards ever since. With the launch of A.I.D.A. in 2008, our award winning virtual credit card, AirPlus was a pioneer and gave proof of market and product expertise. Latest developments in the market show a raise of different virtual credit card solutions promoted to different target groups. Payment behavior changes and so do challenges different stakeholders are facing.  AirPlus is an expert in virtual payment solutions and this development actually reinforces our strategic direction as well as our position in the market. Furthermore, changing and evolving requirements are key driver of our product innovations.

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

The payment market is developing and especially mobile payment is a trend AirPlus is aware of for several years. Many different technologies did spring up like NFC payments, QR code payments, mobile web payments and others. However, it was and still is unclear which technology will drive the business forward. With Apple launching its new iPhone with integrated NFC technology, we can presume a trend which reinforces AirPlus’ mobile payment approach. Besides the mobile payment app AirPlus Mobile A.I.D.A., which enables customers to generate virtual credit cards on the go, AirPlus is involved in a pilot project together with Deutsche Telekom. With the Telekom app My Wallet, Telekom employees can use their AirPlus Corporate Cards via smartphone and payments occur based on NFC technology. With Apple introducing NFC payment on their devices, we assume that not just AirPlus but also other market players keep investing in NFC technology and there is the chance that NFC based mobile payment will become standard.

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

It’s actually critical to say, since technology develops influenced by many driving factors which cannot be foreseen. Nevertheless, we speculate that cryptocurrency will shrink in importance and in this context Bitcoin as the first decentralized cryptocurrency.  Many cryptocurrencies have been created though only few have been successful. Currently Bintcoin focuses on peer to peer transactions.  Therefore we don’t see this technology to be a driving factor for business travel payments in the near future.


CashstarCashstar’s CEO and President, Ben Kaplan

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

While I was expecting strong growth in mobile commerce, I didn’t expect the incredible growth we saw in 2014. Consumers are purchasing from mobile experiences more than ever before and the same drivers of mobile commerce this year will drive accelerating adoption of mobile payments in the next few years.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

Companies are shifting strategies from placing bets on a single mobile payment technology or platform to supporting multiple platforms and, in some cases, even signaling support for the entire ecosystem.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

The hype around Apple Pay will die down. The reality is that Apple Pay is a good solution that in time will have will broad adoption and address many payment issues and opportunities.  However, I expect it will be just one of several solutions used by consumers and supported by merchants. The ultimate winner will be the consumer, who will have several great options for mobile payments and simplified, secure payment experiences.


Earthport

Earthport’s CEO, Hank Uberoi

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

Regulatory actions, rising costs, archaic technology infrastructure and inability to innovate have necessitated even large banks change their approach to cross border payments. This has created an unprecedented demand from global, regional and other large banks in several economies to seek out partnership with Earthport. As each of these players begin to plug into Earthport’s network, the benefits of scale, global reach and speed of payments will accrue to all participants in the network.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

Many developments in technology have begun to reshape business models in the payments industry. A lot of these have happened within jurisdictions of a single regulator, i.e. domestic payments within a country (e.g. MPesa in Kenya and other African nations) or within a region (e.g. SEPA in the Euro zone). In the cross border payments space though, regulatory actions, inertia from incumbent banks in the correspondent banking space and cost of change to new technology have historically bottle necked innovation. However, in the recent years, the emergence of disruptive business models, such as Earthport’s open network, have begun gaining credibility even amongst large global banks as efficient alternatives to the archaic multiple bilateral correspondent banking arrangements of the past era for making cross border payments.  As the early adopters ramp up the volumes across the new business model and as others also plug into the network, it is expected that in 2015 and thereafter, the impact could be, substantially reduced cost of transaction, reduced FX spreads and cost of liquidity management; faster and predictable payments, better regulatory control and product innovation.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

The payments industry is at a vigorous stage of evolution. Many experiments are gaining momentum across the spectrum – ecommerce, FX, mobile wallets, digital currencies etc. However the success of a model will be driven by the confluence of adoption by users, industry and regulators. This essentially indicates that while change is certain, it may take a while before the nature of change can be ascertained. Directionally though, in the cross border payments area, it can be expected that in the short to medium term, real time payments into bank accounts, mobile wallets, prepaid cards will become a reality. More and more of the traditional players like banks and MTOs are likely to partner with industry specialists like Earthport to leverage their cross border payments capability and build product innovation on top of that. We also expect that regulators are likely to see value in consolidated cross border payments network like Earthport and could potentially treat them as industry utilities to create better oversight over cross border movement of money at an aggregate level rather than having to monitor financial institutions at an individual level. The cost of a transaction, FX spreads, time taken to transact and settle a payment, technology protocols etc are all going to render cross border payments as friction free as possible and the early adopters of new business models and accretive partnerships are going to emerge as winners.


hyperwalet

hyperWALLET’s Founder and CEO, Lisa Shields

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

What I did not expect , is the degree to which major banks developed an appetite to work with innovators for enterprise-facing payment services.  This demonstrates a growing awareness in banking spheres that enterprise customers now have choices in how they meet their global payment requirements and no longer need rely solely on their banking relationships for these services.  For innovators in the mass payments space this creates exciting opportunities to add-value on a much larger scale than has been possible in the past.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

The Target data breach (and its follow-on baby breaches) was a very significant event in 2014 and it will certainly impact the direction of payments in 2015.  I believe all players in payments are directly impacted by these events.  In 2015, as Chip+Pin and other innovations make card credentials harder to compromise, the focus of fraudsters will shift to core identity data.  I believe a new debate will emerge within the industry around personal information of all kinds:  its collection, use, dissemination, storage, and destruction.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?  

“CardOnFile” counts used as the primary scorecard metric as online/mobile/realworld commerce environments coalesce.

We believe the dialogue of “who’s going to win” the B2C wallet wars will expand beyond ApplePay, Square, Paypal, McX, and Softcard. Domestic cardless debit solutions will start to emerge and be integrated with card-based wallet solutions, accelerating  adoption of global interconnecting solutions at the processor level.


Jingit

Jingit’s CEO, Kate Bolseth

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

I would say the profound number of data breaches in 2014, both on the financial side as well as those associated with an individual’s personally identifiable information. But perhaps what’s most interesting is the ripple effect that those breaches have caused along the retail path to purchase and how it will spill into 2015.

First, consumers make choices on where and how they shop based on security and privacy. Some recent studies show that more than 30 percent of consumers have stopped doing business with a company when they are concerned about privacy.

Just one example of this is the mandates around EMV and the corresponding impact to retailers to ensure full security for checkouts.  The goal and purpose of EMV chip card transactions is to improve security against fraud. Many retailers have now implemented terminals with the EMV standard.

Security and data protection are core tenets of our business at Jingit and that enables us to help merchants and brands deliver a secure transaction environment for their customers.  We secure personal and financial data with rigor, and we are selective about the tools that we leverage and how we architect our solutions, all with security at the forefront.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

The relative breakthrough and early momentum of Apple Pay’s mobile payment platform – they have set the bar on simplicity and user experience, elements that are essential to drive adoption among consumers and merchants.

Many have tried with limited success. This time, Apple nailed ease of adoption, added meaningful features, mitigated potential security concerns and leveraged its captive, engaged and highly responsive base of consumers. As a result, Apple Pay has gained noticeable market traction and huge media buzz since its launch in late 2014.

So what’s next?

The tipping point is likely several years away.

But, if Apple can follow-up on its launch and deliver compelling value propositions to consumers, there is a real opportunity to fundamentally shift consumer payment patterns. It won’t be easy and they can’t do it alone.

In my opinion, the challenge will be to provide consistent and meaningful value propositions to consumers that go beyond existing ‘points’ and loyalty programs, and uniquely offer consumers the opportunity to ‘earn’ and be exposed to exclusive offers from brands in real time, in-store and online.

When this occurs through these new payment platforms, brands engage more effectively with their targeted consumer base and retailers have more opportunities to interact with consumers within the retail ecosystem.

As a result, consumers experience additional value that motivates and incents behavior change and reinforces long-term use of mobile payments.

 

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

I believe it will be the lack of differentiated value provided by mobile wallets and payment platforms. Right now, Apple Pay dominates the conversation, but others will be fast on their heels.  The clear winners will be the ones that recognize the inherent potential for innovation with mobile wallets.

This new frontier of mobile payments will enable consumers to receive previously unavailable offers and empower them to pay with points and other earned incentives that can be used as tender in real time versus post-transaction.

It will be fascinating to see how it continues to evolve.


Meritus

Meritus Payment Solutions’ Co-Founder and Principal, Alan Kleinman

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

Our biggest surprise this year was being approached and ultimately acquired by Optimal Payments.  Optimal’s global vision of having merchants able to integrate into one payment processor and accept payments throughout the world in a fast, secure, and easy environment is closer to reality with the expansion into the US market. We are taking a best-of-breed approach throughout our organization and applying that throughout the globe.  This includes our ability to quickly integrate and board merchants the same day in many geographic areas outside of the US, including Canada and Europe.  We will continue apply that mindset and expand into additional geographic locations, which is not common in payment today.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

Apple Pay and its positive response from early adopters.  It is the beginning of the tipping point towards mass acceptance and utilization of mobile wallets.  We are seeing rapid growth of our stored value product, Neteller, in many parts of the world.  In 2014, we saw our fastest growth in Africa and we are preparing to enter the US market in the very near term.  The ability to process in almost 200 countries seamlessly is where the world is heading as global commerce continues.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

The continuous large scale data breaches and security being top of mind.  Companies will continue to invest in security but it will not dominate discussions as it has today.


Moneris

Moneris Solutions’ President, North American Strategy, Chris Lee

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

In Canada, Visa and MasterCard (card brands) voluntarily agreed to lower their IC rates this year. It appears the regulatory landscape around card brand rates (i.e. Credit Card industry Code of Conduct), in emerging payments such as digital currency, mandating security, etc. has the biggest potential to impact our business as fluctuation in rates influences consumer method of payment. It’s not something that’s been typically top of mind with consumers but now there’s a definitive awareness.

Also, the payments industry was impacted by the scale of data breaches that occurred in 2014. Top brands and fortune 500 companies were affected by these breaches, causing organizations within the industry to bring payment security to the forefront. For Moneris, payments security is an area of excellence where we put a lot of focus for our solutions. Owning the security and offering a strong solution is a significant benefit for us, our merchants and business partners because we offer strong peace of mind when these breaches occur.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

The introduction of Apple Pay in 2014 and its use of Near Field Communication (NFC) to communicate with devices that process payments. NFC is an emerging and increasingly popular payments tool used for contactless mobile and card payments. The industry is ever-changing and the launch of Apple Pay is one example of the direction that we are headed. Mobile payments have gained credibility in 2014 as a viable technology and it is creating a path for more mobile payment development moving into 2015.

In addition to this, the Payment Card Industry Data Security Standards Council announced that EMV chip-enabled terminals will be mandated in the U.S., effective October 2015. The shift to EMV, a proven global payment security technology, has major implications for every merchant in the U.S., as card associations will shift the liability for fraudulent non-EMV transactions from issuers to acceptors. The execution of this requirement leading into and throughout next year will create opportunity for enhanced data security in the payments industry. EMV is currently the payments security standard of Canada and Europe and is expanding as we can see with the adoption of this standard by the U.S. That said, fewer than half of all POS terminals in the U.S. will be EMV-capable by the end of 2015, according to Mercator Advisory Group.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

For an extended period ‘Omnichannel’ has been a common term used in the payments industry. Moving forward a year from now, we anticipate that payment solutions will be addressed by their origin whether it be mobile, e-commerce and retail, incorporating technology such as cloud and beacons, which will in turn retire the buzzword ‘Omnichannel.’ We still need to reach various channels via different methods, however, as tablets/iPads become point of sale solutions (POS) and cards become mobile phones, these will likely dissipate.


Marc

North American Bancard’s President and CEO, Marc Gardner

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

For us at North American Bancard, I’d have to say it was the opportunity to acquire EPX, which happened relatively quickly, but fit perfectly into our vertical integration strategy. By adding EPX to our family of companies, we became a fully integrated acquirer and processor in the U.S. and Latin America. This means in the near term we will be almost 100% autonomous on our new production, significantly reducing our historical dependency on outside vendors and partners, while allowing us to serve a much broader range of clientele. We can now tailor offerings to all business types, from a startup entity just opening their doors, to the largest retailers in the world.

 

What are the 2 things that happened in 2014 that you think will most shape the direction of payments in 2015?

First, the launch of cloud-based tablet point-of-sale solutions that provide free hardware and software with account activation. The value proposition of these solutions is so much greater than the historical solutions provided to the marketplace. Expensive and outdated solutions simply can’t compete with the features of newer cloud-based tablet solutions. The integrated software will continue on its trajectory to become more feature-rich with each new release providing merchants the ability to make smarter business decisions.

Secondly, I feel the accelerated amount of card data theft from security breaches will make security and compliance a serious and pivotal component of every new sale in 2015 and beyond. The breaches that occurred in 2014 received more media exposure than ever before making terms such as tokenization and point-to-point encryption common to business owners. The significance is that all industry professionals must be educated and aware of security solutions when prospecting a new merchant account or servicing an existing one.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

The fall deadline for merchant EMV liability reversal. The story will be less interesting as the deadline will have passed.


SEQRSeamless – Provider of SEQR’s CEO, Peter Fredell

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

A lot has happened in 2014 when it comes to payments, but most of it has been anticipated. For SEQR it has been a busy year as well, with several significant milestones. Our mobile payment solution is now live in five European markets (Sweden, Finland, Romania, Belgium and Portugal). We have an agreement with Newtek’s The Secure Gateway, providing us ACH capabilities and taking us one step closer to launching in the U.S. We launched SEQR Shop Spot, enabling us to go beyond being a means of payment to also being an enabler of a new shopping experience – all while helping retailers let customers shop how, when, and where they want in a fast and secure way. We have also recruited Beverly Cole as our Head of Sales U.S., as part of our aggressive plans for entering the U.S. market.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

The launch of Apple Pay brought mobile payments into the spot light and piqued the public’s interest, despite the overall lack of anticipated success. It is a trusted brand and their launch into mobile payments will simplify our efforts to change the consumer behavior from reaching for their card to reaching for their phones when paying. However, at this time in 2015, Apple will be just one of the many options out there.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

Next year we will not talk about mobile payments as payments but rather as a value added service. For a mobile payment solution to be successful it needs to look at the entire value chain, ensuring that there is an incentive for both consumers and for merchants. It needs to be available on all platforms and must incorporate loyalty, usage and engagement. Imagine parking, shopping, paying your gas bill, transferring money, and/or checking your sales history – all simplified and unified. Google and Apple are technology companies but technology alone will not cause a shift in payments, it is only one component.  A comprehensive understanding of Payments and the Retail Landscape is vital to be able to participate in the conversation when the shift is made from payments to services.


Spreedly

Spreedly CEO, Justin Benson

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

Apple Pay and Network tokenization are obvious. But for us the biggest impact would be social and metasearch services looking to create in-app/web commerce. Facebook, Twitter, Tumblr, SeatGeek, Wanelo and many other social search and display services now want the transaction to happen in their environment. This has had a profound impact on our business as the traditional single stack payment gateway struggles to work in this environment.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

Letting a consumer electronics brand (Apple) become associated with payments in the same way Visa/MC/AMEX/Chase are will change who has power where. Consumers have always wanted to see a bank or similar institution attached to payments to feel secure. If they believe Apple can do it well (and the card networks and banks are branding the heck out of Apple Pay giving it legitimacy) then it means that Chinese wall falls and opens up tremendous opportunities for other brands.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

Breaches. Corporations lose so much face as the damage to credit cards is so high that the industry will screw down the hatches and reduce the amount and significance of breaches.


 

TokenExTokenEx’s CEO and Co-Founder, Alex Pezold

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

No question at all – Apple Pay.  There hasn’t been disruption in the payment space like Apple has caused since I’ve been in the game.  Due to their strategy around tokenization, consumer authentication, and device communication – organizations across multiple verticals are tapping the breaks on traditional ways of thought and accepting mediocre technologies in the payments’ arena.  For example, in the Petroleum Retail space, questions about adopting EMV at the pump are already coming into play since there’s a way to provide consumer authentication without the cost of replacing or upgrading automated fuel dispensers.

Fortunately, Apple Pay lead out with tokenization as one of their core technologies, which has proven to be the most positive impact on our business from an industry adoption standpoint.  Simply put, now that Apple uses tokenization, everyone seems to be more at easy about its’ longevity and value as a risk and scope reducing technology!

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

I will say without hesitation that the introduction of Apple Pay is probably the one thing in 2014 that will shape payments in 2015. Digital wallets have a very, very poor adoption rate in the United States, and Apple Pay is taking that challenge head-on…and winning, so it seems.  Once Android provides a solution similar to that of Apple Pay, taking into consideration their majority of market share, the adoption of digital wallets and alternative forms of payment will take on new life. What a breath of fresh air, considering what we’ve seen the payment space offer to date.

One point I would like to make after attending Money 2020 this year is that the “good ‘ol boys” in the payment space still don’t get it.  Technology is leaving them behind, and they don’t seem to acknowledge or even understand how behind the curve they new are with new innovators and innovation.

 

What is the one thing that we won’t be talking about a year from now that has totally dominated the payment conversation today?

As much as I hate to say it, I don’t think that CURRENTC (joint MCX partnership) is “delighting” customers as much as they wanted to with their technology. I like their technology quite a bit, but it’s much more challenging to use than Apple Pay.  Moreover, their reputation is tarnished due to their data breach earlier this year.  You can’t compete against the likes of Apple Pay, especially on the security and privacy front, if you can’t keep your own house in order – especially your email servers.

It’s my belief that the train has already left the station, and CURRENTC stumbled out of the gate badly enough with negative publicity that they won’t be able to recover.  Keep in mind that I’m pulling for CURRENTC, but I still don’t think they’ll make it.  Wal-Mart, CVS, and other large retailers will probably develop their own technologies in order to take advantage of digital wallet opportunities that exist, without using Apple Pay.

Unfortunately for Apple Pay, no one minds having 500 apps on their mobile device; one for each store they shop at regularly, so Apple Pay has its own set of challenges.


TSYS

TSYS’ President and Chief Executive Officer M. Troy Woods 

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

Many in our industry saw the writing on the wall that Apple would enter the payments space this year, so I wouldn’t consider that a shock. However, I think many were surprised at the extent to which it partnered with the existing payments infrastructure to launch Apple Pay, which I believe is why it has gained so much publicity and attention. Profiling these major partnerships is starting to make real news in the payments industry, just as we’ve seen in the software industry for some time.

I don’t think any of us foresaw the extent, scope and regularity of high-profile breaches and the hundreds of millions of compromised cards over the course of 2014 The breaches of these big-name retailers were unprecedented, and while many believe another significant breach was bound to happen, the announcements by large retailers seemed to come one after another this year, which I don’t think any of us saw coming.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

I hesitate to name just one, and instead think a few factors will shape payments in 2015. Apple Pay will continue to influence the direction and dialogue of payments – we have wondered for years whether NFC would stand the test of time, and with Apple’s clout behind it, we shall see. We’ll be eager to see how other digital wallets respond in 2015, including CurrentC, which will move from beta to launch next year. The payments industry will be watching to see how consumers engage with the app.

Wearables and low-energy Bluetooth technology gained traction this year, and I think that convergence will be an emerging story for the loyalty and payments space in 2015. I think we’ll also see big (and little) data and biometrics helping to combat fraud and enhance authentication in transactions.

Finally, the CFPB’s proposed regulation on prepaid will certainly influence the prepaid payments market in 2016.

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

Conversations about multi and omnichannel mobile commerce are dominating the payments space today. Our industry loves to talk about “mobile” – for point of sale, banking, payments or commerce. However, we think people will see their devices as extensions of their computing lives, and we’ll see the mobile channel as just another representation of commerce – not separate. It will be somewhat similar to fast food today – whether you use the drive-thru or go inside, it’s still the same experience regardless of channel.

EMV may be done and dusted by this time next year but merchants will still be adapting and I expect it will still be part of the conversation throughout 2015.


WEX

WEX’s President and CEO, Melissa Smith

What is the one thing that happened in 2014 that you didn’t see coming but has had a most profound impact on payments and your business?

There has been a shift to more centralized global decision-making within many of our customers and partners. We have made no secret of our plans to expand our global footprint, and we are very pleased to see this trend which gives us greater confidence in our global opportunities.

 

What is the one thing that happened in 2014 that you think will most shape the direction of payments in 2015?

“EMV momentum in the retail petroleum payments space. Retailers across the US have been moving forward with EMV implementation to meet 2015 deadlines.  In the retail petroleum space, however, the deadline for compliance has been set for 2017 given the complexities of pay-at-the-pump.  With public awareness rising, including mandates from the Federal government for its agencies to use chip and pin cards by the end of 2015, we expect that some retail petroleum merchants may accelerate their plans. With respect to WEX specifically, we expect to leverage chip and pin technology with our closed-loop network fuel cards, even though deadlines set by issuers of open-loop networks do not apply to closed-loop networks.”

 

What is the one thing that we won’t be talking about a year from now that is totally dominating the payments conversation today?

“Virtual currencies in B2B.  While the primary advantage of virtual currency in its present form is low cost to send and accept, we’re concerned about limitations in the B2B space.  Virtual currencies lack sophisticated remittance information that is critical in the B2B environment.  Additionally, regulatory scrutiny has called its long-term viability, at least in its present form, into question. As virtual currencies are not backed by any central bank, they can be unstable and experience significant value fluctuations, as seen in 2014. That said, this is a rapidly evolving technology and we will continue to monitor and evaluate the role of virtual currencies in our environment.”


 

 

 

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