ETA Silicon Valley Day Offers Insight into the Future of Commerce
November 7, 2013 – Forecasting the payments industry’s future was the agenda today at the ETA Silicon Valley Day held at the Commonwealth Club of California in San Francisco. The event brought together representatives of new, high-tech payment companies and executives from traditional payment businesses to discuss the next generation of payments.
This networking day was open to all ETA member companies as well as those interested in electronic payments and the industry’s changing dynamics. The theme was focused around new players in the changing marketplace, challenges for existing payment companies, and new investment opportunities.
ETA Chief Executive Officer Jason Oxman opened the day by welcoming new members of the payments community. He proclaimed this moment “a defining time” in the payments industry. “Mobile payments have moved from science fiction to reality, providing ease of payment and increased security using a device most of us are rarely without, ” he said. “In order to be successful in this crowded marketplace, companies must have not only an innovative product but a strategy to partner and navigate the increasingly complex business and regulatory environment.”
Speakers, including representatives from PayPal, Merchant Warehouse, Wells Fargo and William Blair, tackled some of the most pressing issues facing the industry. The discussions included the state of investment in payments start-ups and an in-depth look into how the old guard of the industry is navigating the new landscape.
Among the notable predictions and observations voiced at the meeting were the following:
- One of the biggest issues ahead for the payments industry as a whole is increased government regulation
- The new world of commerce is the merging of payments, advertising and marketing.
- Partnerships between incumbent players and startups continue to drive payments innovation.