Money 20/20 brought together over 15,000 people from leading Banks and FinTech companies from around the World in Las Vegas during the final week of October.
Look Who’s Charging was selected, as one of only 24 companies, out of over 800 from around the globe, to pitch on centre stage. Further validation of our business model given Money 20/20 is one of the World’s premier financial services events.
Australia – A force to be reckoned with
We had heard the anecdotes about the US banking market but until we witnessed things first hand, we didn’t appreciate how far ahead the banking and payments market in Australia seems to be.
For example, many people in Australia have made the transition to go cashless and many also rely on a digital wallet. Seven days in the US, including two days in Silicon Valley, and we could only use Apple Pay once. More often than not to use a card we had to first swipe, then sign, then show ID – a cumbersome process for both merchant and consumer.
Key observations regarding the Australian market are:
1) Contactless hardware has been rolled out nationally;
2) Consumers can rely on their digital wallet as there is no limit for contactless payments, which allows for behavioural change. The UK has contactless hardware rolled out, but maintains a £30 limit, meaning consumers still have to carry a physical card in case their purchase exceeds this limit and therefore making behavioural change harder; and
3) It has a digitally engaged population.
Engineers from both Apple and Google noted that Australia is a relatively material market for Apple Pay and Google Pay, primarily due to the above observations.
Digital banking in the US
Monzo, Revolut and Starling are now all household names in the UK and no doubt the Australian challenger banks will soon become so here. We asked almost everyone we met (many representing the financial services sector) if they could name a US digital only bank, and surprisingly, we received very few responses.
Heading to the USA
We half expected to go to the US and find 10 other companies doing what we do. However, despite a high demand for transaction enrichment, we were unable to find any company who has or is trying to provide a solution like ours. I’m sure this finding is mirrored by a number of other Australian FinTechs. If you are close to perfecting your business model in Australia, it feels like the timing could be perfect for expansion into the North American market.
Click on the video below to watch David Washbrook’s presentation from Money 20/20.