What's Next For The Payments Industry?

Money 2020, the world's largest payments and financial services innovation event, will kick off next week in Las Vegas and attracts tens of thousands of attendees — including more than one thousand CEOs from thousands of companies across 75 countries.

Thomas Noyes, founder and CEO of Commerce Signals, wrote a guest post on Recode. He quickly pointed out that payments and other networked businesses have been among the top performing segments in the stock market since 2007, and the Money 2020 conference is a "key arena to asses trends and better inform the bets we've all been taking."

Noyes noted that the highlight of the event in 2013 was tokenization, the year after was Apple Inc. AAPL and its Apple Pay service. In 2015, the focus was on MCX (Merchant Customer Exchange).

The question now is, what can be expected at this year's event?

Noyes suggested a key theme would be merchants who offer retailers of all sizes the ability to "create richer customer experiences and faster paths to talk outside of the transaction." This is important because a repeat customer experience is influenced at the point of the most recent interaction.

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Collaboration will also be a key focus at the event. Payments are the "collective tissue of commerce" and changes occurring within the payment sector is are "indicators for how commerce is changing."

For example, a movie theater doesn't compete with nearby restaurants and retailers. Rather, they all work together to create an enjoyable customer experience for customers.

"When I compete against another theater, it is not me against them, it is my community versus their community," an un-named CMO of a top movie theater told Noyes. "How can we deliver greater customer experiences and collaborate more effectively?"

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