Last week the Credorax team participated in the wildly successful Money20/20 conference. The Credoraxeers from the US, EU, China and Israel, together with our partners, Arvato Financial Solutions and Dimebox, met for three days of networking and learning about the international payments ecosystem. The Credorax team gained a lot of insight into exciting industry developments. We asked a few of the team members to share their impressions of Money20/20 and what they viewed as important takeaways from this year’s conference.
Attendance with International Flair
Over 11,000 conference goers from all over the world – up from around 9,000 in 2015 – came to Las Vegas to soak up all they could about the international payments industry. “This show continues to grow each year, bringing a balance of startups, mid-size and well-established companies to a global stage making it possible for you to meet and interact with them in one place,” said Rod Katzfey, Vice President of North American Enterprise Sales and Business Development.
Kelly Yuan, VP Sales and Marketing, China and Southeast Asia, who was at the conference for the first time, found it surprising that 15-20% of the attendees were from China. “I met a variety of Chinese companies that not only run payment-related businesses in China, but also in other countries. (UnionPay, Alipay and Lianlian Pay are big sponsors for this event.) It was an excellent chance for me to learn about the players in other countries just by walking around in the exhibition hall. It was a unique opportunity to network!”
Our CCO, Koen Vanpraet, a regular attendee of global conferences, summed it up, “Money20/20 remains one of the only truly international shows focused on business development in the payments industry. It focuses on technology trends, functionality, business, regional and global evolution, etc. The show might be a little less attractive for merchants, but for payment providers, acquirers, banks, gateways, processors and other payment ecosystem players, I believe this is THE show.”
What made Money20/20 2016 stand out from other conferences?
All participants noted the sheer size of the Las Vegas event, compared to European conferences and also to last year’s Money20/20, as well as its diversity and range. Sharon Atias, our Key Account Manager and first-time show attendee, relished the chance to talk to a wide range of industry professionals. “All the large banks were there along with many large PSPs; it was definitely an unparalleled networking experience, as there were many companies that came and asked what we do and who we are. This was good, because we were able to gain great exposure and teach people about Credorax.”
Kelly noted that previous shows she had attended didn’t have an international outlook and were “more related only to China or Asia. Money20/20 is a very good opportunity to see the big picture of the global payments industry and learn more about potential partners. It is also a fantastic chance to see how China’s payments industry is affected by and affecting the world.” She is also looking forward to Money20/20’s debut in Asia, planned for 2018!
Building Businesses and Cross-Border Insights
Money20/20 is a chance to establish relationships and learn. Rod hoped that talking over payment solutions would allow for cross-pollination. “It was great to have conversations and continue to see how different companies are trying to address issues and overcome challenges in the payments ecosystem – and learn how other companies would like to involve Credorax in overcoming these challenges.”
Kelly’s understanding that payment systems like Alipay and Tenpay are changing the world of payments was confirmed during her time in Las Vegas. Additionally, Credorax and others will need to be prepared for an influx of cross-border transactions – including money flow and FX — between China and other countries.
The team enjoyed learning at the sessions. One included tips on how to successfully grow from a startup to a full-fledged billion-dollar business, such as:
- Know and cherish clients
- Focus on strengths and perform at the highest level
- Be patient; building a company takes time
- Educate employees and invest in them
- Commit to new initiatives and implement when the company is doing well
- Understand technology and make it better
- Take the scary deals that double or triple your size
- Two founders are beneficial
- Acknowledge setbacks
- Exude trust and transparency
Another session specifically addressed issues near and dear to Credorax, regarding cross-border e-commerce. Regulation complexity and the necessity of facilitating alternative payment methods were a key discussion for this session. Other challenges were ones with which Credorax is very familiar, including low cross-border transaction approval rates, managing local regulations, and shortening extended settlement times. Panelists noted that especially in China local payment methods were essential, and in Africa mobile wallets are more popular than cards. Tokenization in the pre-paid market also got a mention. Despite the challenges, high growth in cross-border payments is expected for at least the next 10 years.
We were thrilled to be a part of such a large exchange of knowledge and ideas; we’re looking forward to the next Money20/20! To continue the discussion, contact us at firstname.lastname@example.org.