Why the Time Is Right for Innovation (and Cash Is Not Dead)

The Institute is in session! The top thinkers and doers in payments are seated and ready to exchange ideas on how to continue to fuel the flame of innovation in the industry.

David S. Evans, founder of Market Platform Dynamics, kicked off the event by explaining why the time for innovation in the payments sector is now, particularly in light of the new regulatory landscape. He pointed out the impact the CARD Act has already had on the payments ecosystem.

He also advocated that while cash is down, it’s not out, and that the mag stripe is not dead.

“Innovations won’t get traction unless they provide value to merchants and consumers… if it won’t solve the chicken-and-egg problem … if it forces too much change in a system that already works well,” said Evans.

Check out the video below for more of David’s opening remarks.

For more of David’s ideas on igniting payments innovation, PYMNTS.com has posted several of his blog entries: “Why Every Payments Product Needs an Ignition Strategy,” “Blast Off! How Two-Sided Platforms Ignited” and “How Long Does a New Platform Have to Ignite or Fizzle.”

Next, James Sanger (General Partner, ABS Ventures) and Josh Lerner (Jacob H. Schiff Professor of Investment Banking, Harvard Business School
Finding and Funding Innovation) will give an overview on identifying, nurturing, and funding innovation.

PYMNTS.com Blog Entries from the Innovation Institute

Day 1

1. David S. Evans: Why the Time Is Right for Innovation (and Cash Is Not Dead) (9 a.m.)
2. No Need to Give a Eulogy for Venture Capital (10 a.m.)
3. There’s Two Sides to Every [Payments Platform] Story (11:30 a.m.)
4. The Key to Igniting and Launching Mobile Payments Platforms (12:30 p.m.)
5. Fed’s Proposal for Interchange Rates to Be Announced Within a Few Weeks (2:30 p.m.)
6.  What Payments Professionals Can Learn from FarmVille (4 p.m.)
7. Driving Network Effects with Platforms (4:30 p.m.)
8. What Is The Next Great Payment App That Has Yet To Be Created? (5 p.m.)

Day 2

1. Can the U.S. Replicate Japan’s Mobile Payments Success? (8:30 a.m.)
2. POS Opportunities around Social Networking (9:30 a.m.)
3. POS Innovation in the Cloud (10:30 a.m.)
4. American Idol: Payments Innovation Style (Noon)
5. Federal Reserve: Cash Usage Increased in 2009 (1:30 p.m.)
6. Tips for Catering to Consumers’ Payment Preferences (2:30 p.m.)
7. How Walmart Views Consumer Payments Behavior (3 p.m.)