March Madness: The Elite 8 of Payments
March Madness is officially upon us and millions have (incorrectly) picked their brackets because no one picks every game correctly…and we mean no one. March Madness has also now brought about copycats (how flattering)—from brackets on books to restaurants to cities to sportswriters and more…there might even be one on Members of Congress (hello mid-term elections!!!!). And I think 2017 marks our second annual Rantings Madness bracket, though our bracket does not involve 64 or 68 teams, as that would be nauseating. We’ve whittled ours down to the Elite 8…in this case, the Elite 8 of Payments.
Mark, sadly your alma mater’s basketball team didn’t have a shot at being invited to The Big Dance…and my alma mater’s basketball team is so bad that words do it no justice (not to be confused with former Blue Devil Justise Winslow…and oh, how I loathe Duke!!!!). But I digress, it’s time for another Elite 8. Who’s made it through to LA, Cleveland, The Cuse and Houston (editor’s note, the Elite 8 basketball games are being played in these cities)?
A more appropriate list of cities for our purposes would be “The Valley,” “The Alley,” “The Prairie,” and “Austin,” but I digress too… This is my second favorite time of the year, the first being the fall show season—both in terms of primetime premiers as well as payment conferences. Getting to fill out a bracket with hope that I will be THE ONE at the top of ESPN’s list, only to have that hope dashed by the second batch of tip-offs on Thursday afternoon, there’s nothing quite like it…
Truer words couldn’t be spoken (or written).
Without further ado, here’s my Elite 8 of Payments:
- The traditional Princeton-esq, no-showboating: QR Code (I can hear the boos now cascading from the rafters)
- The Freshman Phenom (can I say Diaper Dandy?!): Ring-Enabled Payments (as well as glasses-enabled/jewelry-enabled)
- The Stalwart Blue Blood: Credit Cards
- The Mid-Major: NFC-Based Mobile Payments
- The Selection Committee’s Head Scratcher: Checks
- The Team Always in Trouble: Cash
- The Highest GPA: Same Day ACH
- The Ultra-Quick Players (that will beat you on the first step): Immediate Payments (Real Time)
Any predictions on whom will advance to the Final 4? My bracket was figurative toast by Thursday night!
In an upset, we’ll see QR Codes move on past Wearables. Maybe the selection committee, our favorite coffee brands and the former MCX were onto something...I doubt they'll move much farther, but it gives the committee some reprieve this offseason.
The blue blood Credit Cards just can’t hold off NFC-Based Mobile Payments. Their growth over the past year signaled the tipping point for this clash; we may have to lift this mid-major into a new powerhouse conference moving forward.
Not surprisingly, Checks will get their pockets picked by Cash. The speed of Checks make it a non-contest.
And in the final matchup, the power and volume of ACH is too much for the speed of Immediate Payments in the first half, but in the end, Immediate Payments notches the win!
So onto the Final Four: we have QR, NFC, Cash and Immediate Payments (Real Time). And someone please queue One Shining Moment! (I can’t get that song out of my head).
Related Blog Posts
Women Must Choose to Rise Up Despite Past, Current and Future Circumstances
Money20/20, Europe’s biggest payments and fintech event, was recently held in Amsterdam and featured Rise Up Money20/20, a global program designed to address the gender imbalance in leadership positions within the financial services and fintech industries. A cohort of 30 female professionals was selected to take part in an exclusive curated agenda, complete with a series of bespoke content sessions, one-to-one mentoring and unique networking opportunities.
Beyond Borders: Navigating the Challenges of eCommerce Expansion
eCommerce continues to flourish, with impressive growth figures year after year. In 2018, global online sales reached almost $3 trillion, and are expected to hit $4 trillion by the end of 2020.
Despite eCommerce taking an increasing slice of the retail pie (which could now be as high as 15 percent according to recent figures), it is increasingly challenging, with competition and cost pressures creating significant issues for merchants of all sizes.
How Italian Banks and Processors Can Capitalize on Digital Transformation
The European payments landscape is in an era of significant change thanks to PSD2 and other macro factors, but there is more than one way to deliver real-time and open payments to meet PSD2 requirements and its technical standards. Banks and processors must manage this alongside their own set of domestic challenges and opportunities.
Overcoming Cyber Threats to Payments Security
Recently, Gene Scriven, chief information security officer at ACI, spoke at NACHA Payments 2019 on the ever-changing landscape of cybersecurity. Here are a few highlights from his session, including the impacts of cybersecurity breaches, today’s emerging threats and the new strategies to keep your organization safe.
Removing Gender Bias and Enabling Women to Succeed in Leadership Roles
The recent UK Women in Payments (WIP) Symposium 2019 took place in London, recognizing unique leaders who help uplift women in the payments industry. Among those recognized was ACI’s Melissa McKendry, vice president, Retail Banking Implementation Services, who was honored by WIP as the 2019 Advocate for Women.
Why Banks Must Democratize Machine Learning for Fraud Prevention and Payments Intelligence
Banks are already actively on the path to digital transformation, considering new technologies, new customer experiences and new business models. A critical piece of this digital transformation centers on better understanding the wealth of data within the banks’ systems and mining it for improved customer insight. In the New Payments Ecosystem, data is as valuable to the bank and its customers as the deposits held in their accounts, and it should be protected, and leveraged for the benefit of the customer.
Regulating for Real-Time: The Role of Government in Payments Modernization
Dr. Leo Lipis and Craig Ramsey, Head of Real-Time Payments for ACI Worldwide, continue their discussion on real-time payments and the findings of the new white paper, Get More from Real-Time.
Payments and Fraud: The Paradox Twins
Digital commerce through web and mobile is where merchants predominantly experience shopper growth today. This has become a hugely important domain for their focus. It offers a means for international growth, new market penetration and a way to engage with shopper-hungry Millennials in their culture. Merchants frequently adopt a Digital-First, eCommerce-First or Mobile-First strategy to ensure full corporate buy-in to this strategy.
Open Payments Systems for Merchants: Don't Close Down Your Options
Remember “Open Systems”?
It was a big industry nom du jour in the 80s and 90s. Every IT system had to be open and therefore flexible and future-proof. Nobody can argue with the logic behind this; making systems easy to integrate with other systems, ensuring vendors could cooperate with one another; creating agility to improve time to market and drive down costs.
Issuing and Acquiring in a Real-Time and Open Payments Ecosystem – The Global Picture
Dr Leo Lipis and Craig Ramsey, Head of Real-Time Payments for ACI Worldwide, continue their discussion on real-time payments, stemming from the findings of the new white paper, Get More from Real-Time. See part one.