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Over 1,000 CEOS from 3,000 companies flocked to Las Vegas from October 25-28 for the Money 20/20 conference – the largest global event focused on payments and financial service innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. Payment system heavyweights such as Visa and MasterCard were present, as well as money transferring, saving, and managing startups.
Only in its fourth year, the number of participants has grown to 10,000 from 2,300 when it was first held in 2012. Over 3,000 companies from 75 countries were represented.
Some of the big name attendees this year were:
Dan Shulman: President and CEO, PayPal
Sridhar Ramaswamy: Senior Vice President of Ads & Commerce, Google
Deborah Liu: Head of Payments and Commerce, Facebook
Gordon Smith: CEO of Consumer & Community Banking, Chase
Jud Linville: CEO Citicards, Citigroup
Hikmet Ersek: CEO, President, Western Union
Pam Patsley: Chairman, CEO, MoneyGram International
Robert Greifeld: CEO, Nasdaq
Max Levchin: Co-Founder, CEO, Affirm
Patrick Collison: CEO, Co-Founder, Stripe
Vinod Khosla: Founder, Khosla Ventures
Unlike other big tech events, where the main purpose is to connect startup founders and investors, 79% of the Money 20/20 participants are general managers (C-level), vice-president (VP-level), directors, and managers.
The main goal of the conference is not just to find an investment or to see what today’s hackers are able to do, but also to find out which applications can be built using the latest technologies and how fast. That’s why Money 20/20 Hackathon competition was held. 625 of the world’s most experienced developers from 15 countries competed, and were broken down into 125 teams. 10 of the advanced services and influential brands in fintech give them various tasks to be executed within 24 hours to showcase their skills and vision using APIs, SDKs and other tools from today’s leading innovators in the payment and financial services industry. Five prizes of $20K were given out as well as five $5K prizes. Sponsors’ gifts included Apple Watch, drones, and a trip to the Grand Canyon.
This year, the tasks were administered by Blockchain (who offered a prize in Bitcoin), Feedzai, First Data, IBM, MasterCard, Modo, PayPal, Vantiv, Visa, Worldpay. The overall winning team also had the opportunity to present their solution as part of Money20/20’s exclusive Launchpad360°, a program that provides companies with a forum to showcase their cutting-edge innovation in front of an audience of thousands of investors, media, and other ecosystem participants.
In the past two years Launchpad360° participants have collectively raised more than $150 million in venture capital funding. This year the greatest judges were most impressed by startup Replay, which has built an application that lets users order products that they see when they are watching movies on AppleTV in real-time.
Big brands also showcased their innovations: Visa, one of the two dominant global payment systems, has already begun to implement payment chips in clothing. MasterCard announced the release of paying accessories – key chains for car keys and jewelry as well as rings and bracelets, which the company plans to launch in mass production by next year.