Well my time in Vegas is over. I thought this year was going to be the year that I finally break down and do some gambling. I first watched a colleague run through $100 at a three card poker table in thirty- minutes and decided to get something to eat with my money instead.
Leaving the IOFM Payment Summit today I have learned a lot about payments. The big thing I learned was nobody seem to know when the paper checks are going to be eliminated. Not only do people not know, there is an underlying argument about what is going to take the place of paper checks.
Innovation and technology are a funny thing, when combined with necessity and opportunity amazing things happen. However when the need (necessity) is not there processes tend to stay status quo.
When the conversation about what is going to replace paper checks… ACH, credit card, wire, bank draft… my answer is “X”. The “X” stands for that thing that has not been invented that will change how people send and receive money. I do not believe that it will be based a cool new gadget like Google Glass or a social platform like Pinterest (I put that in for a colleague who thinks I am wasting my time on that site). I believe that innovation, technology, opportunity, and need are going to create a new way to deal with money…. this would be a great moment to introduce my theories on Bitcoins… maybe later. I guess we will wait and see.
Oh, one last thing about my time at the conference… people really need to take my presentation 101 class.. there were way too many words on their PowerPoint slides 🙂