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5 Themes

ATM
Debit
Prepaid
Mobile
Digital Money

Payments Innovation Day

Who is the next disruptor? The breakthrough in payments? The start-up that changes how consumers pay for things?

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Tuesday, October 22, 2013

1:30 p.m. - 2:15 p.m.
Track: Digital Money View Track

BITCOIN FOR BANKERS: VIRTUAL CURRENCY OVERVIEW

George Peabody, Senior Director, GLENBROOK PARTNERS

The hype about Bitcoin and other virtual currencies often misses the real significance to the financial services industry. Cut through the noise about the Winklevoss twins and the whipsawing price of Bitcoins, and youíll find a seriously disruptive technology. As a payment system, as a means of exchange, Bitcoin competes with PayPal, Western Union, MoneyGram, Visa and MasterCard, and to some extent with banks themselves. Itís a frictionless, low-cost way to send money, to transmit value, as well as a way to store value. While it currently captures a tiny sliver of transaction volume, the long-term implications are staggering: A whole banking and payments system has been built from scratch, in this century, without legacy systems, available to anyone with an Internet connection. This session will explain what Bitcoin is, how it works, and the real reasons bankers should pay attention.

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