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The Future of Payments: How Fintechs, Crypto, and Blockchain are Transforming Commerce - Vinay Pai

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Published on Sep 29, 2019

ABSTRACT: The global economy is powered by 125 million businesses, and payments between these businesses, their customers and their vendors are transacted over a variety of technologies. In the US, 21 million businesses generate over $127 trillion in annual payments volume, with small businesses generating nearly half of those payments. Of the $58 trillion in payments generated by small business, $42 trillion are still sent as old-fashioned checks. The rest are digital payments: $11 trillion in ACH payments to bank accounts, $3 trillion in credit card payments and $2 trillion as “other.”

That small slice of “other” payments represents the early days of new payment technologies– a rapidly evolving ecosystem of new digital payment technologies, cryptocurrency and blockchain being created by fintechs, banks and large players, like Facebook and JP Morgan. Over time, the remaining $56 trillion in payments will shift from paper checks to more digital forms. A sea change in the payments landscape is eminent, and in many ways the US is behind in digital acceptance.

In this talk, I will discuss the payments ecosystem is evolving rapidly to accelerate global commerce and allowing domestic businesses to have a global customer base:

* Banking rails developed during the original Cold War connect a fragmented web of global commerce.

* The credit card ecosystem spans card issuers, networks, merchant acquirers and modern payments companies that include Square, Stripe and Adyen.

* New payment platforms deliver instantaneous payments over existing payment rails.

* A new wave of stable-value crypto shows promise as a currency that is tailored for cross-border payments and business commerce.

* Blockchain is still evolving, but some use cases for business processes and back-office settlement processes are starting to materialize.

* A new wave of fintechs, like Bill.com, deliver payments platforms that navigate these payment rails and leverage AI and machine learning to deliver payments efficiently and securely.

BIOGRAPHY: Vinay Pai is an experienced technology executive with a track record of leading high-performing international organizations and driving technology transformation at scale and business growth globally. As the SVP of Engineering at Bill.com, Vinay leads the technology teams that develop and deliver the Bill.com product portfolio. In 2018 he joined the Forbes Technology Council.

Prior to joining Bill.com, Vinay was SVP of Engineering at First Data, where he led Engineering for the Clover point of sale product line. Earlier, Vinay held several leadership roles in the small business group during his eight years at Intuit, which he joined as part of the PayCycle acquisition.

Most recently, as VP for Intuit Developer Platform, Vinay led the business segment responsible for the QuickBooks ecosystem of third-party applications and developers. Vinay has also held engineering leadership roles at Cassatt, Sun Microsystems and Schlumberger, and founded a startup on the Apple platform that delivered three products. Vinay has MS Electrical Engineering, BS Electrical Engineering and BA Computer Science degrees from Rice University.

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