Vinod Khosla Keynotes at Money20/20 and Makes Bold Statements
and Predictions
“EMV will be irrelevant in 3-5 years; NFC can do everything it does.”- Vinod Khosla
Point Roberts WA, NEW YORK, NY – October 30, 2015 - Investorideas.com, a global news source
covering leading sectors including tech reports on attending the Money20/20 2015
Conference held at the Venetian in Las Vegas.
With over 10,000 people in attendance, everyone was there to present or
question – what’s next in payments and financial services?
What makes an event like this really exciting is
the cross-section of answers, opinions and expertise that is shared.
On Sunday October 25th, Mary Thompson
from CNBC sat down with Vinod Khosla and gave the packed room an insightful
glimpse into the mind of one of the most respected Venture Capitalists of
today.
This was Vinod’s first time at Money 20/20 and he
said he was inspired to be there due to the amount of innovation and disruption
possible today. “If you look at this
whole space, it’s a very large space; even niches are tens of billions of
dollars; that’s exciting.”
Some of his investments within the space include
Stripe, a developer-friendly way to accept payments online; and in mobile apps,
Affirm and Square.
Looking at the financial markets future he said, "Capital
formation is going to get much easier for start-ups. I don’t think we will need
large banks for that and we won’t need middlemen.”
He also told the audience, “We are going to move
from an economy of labor and capital to an economy of ideas. We see that
happening in every part of the ecosystem - especially tech-driven innovation. I
think people that have the best ideas, that are willing to try, willing to fail
and try again, keep iterating until they get better will do well. That applies
to both traditional institutions and start-ups.”
“Real estate is ripe for innovation in tech.” This is reflected in one of the companies in
his portfolio; Open Door https://www.opendoor.com,
a new way to sell homes.
One of his final comments in the Keynote was on EMV
vs. NFC for consumers. He predicts, “EMV will be irrelevant in 3-5 years; NFC
can do everything it does.”
This is a key issue in the evolution of the payment
industry as everyone competes for a piece of the pie. The very different
approaches taken by Apple Pay and Samsung Pay show that even the biggest
players are not sure.
Exhibiting at Money 20/20 with the Wocket® smart
wallet, designed to replace all the cards in a wallet with an innovative
approach to payments, Gino Pereira, CEO of NXT-ID (NASDAQ:NXTD) shared his
thoughts with Investor Ideas on EMV and NFC.
Gino said, “We will be implementing NFC (Near Field
Communication) on Wocket® to give our users a viable alternative to EMV chip
cards. NFC provides a similar solution to EMV protected tokenized payments and
as such, merchants accepting NFC payments do not incur liability for fraudulent
transactions, similar to EMV. NFC does have several advantages in that the
technology can be used for more than just payments (such as opening doors and
file transfer) which makes for a wider range of possible functionality on
Wocket®. In addition, processing times are quicker than chip cards which should
allow for a superior customer experience. Most EMV enabled POS readers are also
capable of accepting NFC and we believe that more merchants will choose to do
so to speed up checkout times.”
The biggest takeaway from Vinod’s presentation and
the conference overall was the amount of money to be made in payments and
financial services and the key to success was, “smart entrepreneurs innovate
and iterate on their tactics.”
Gino Pereira, CEO of NXT-ID
Watch the video Clips:
Money20/20 Keynote by Venture Capital Leader Vinod
Khosla, Part One
Vinod Khosla Keynotes at Money 20/20 2015 Part Two
Read this release in full at http://www.investorideas.com/news/2015/technology/10302.asp
About Khosla Ventures http://www.khoslaventures.com/
Khosla Ventures is a
venture capital firm focused on early stage companies in the Internet,
computing, mobile, silicon technology and clean technology sectors that was
founded by Vinod Khosla.
About NXT- ID Inc. - Mobile Security for a Mobile World: (NXTD)
NXT-ID, Inc.'s innovative MobileBio® solution mitigates consumer risks
associated with mobile computing, m-commerce and smart OS-enabled devices. The
company is focused on the growing m-commerce market, launching its innovative
MobileBio® suite of biometric solutions that secure consumers' mobile platforms
led by Wocket®; a next generation smart wallet designed to
replace all the cards in your wallet, no smart phone required. Wocket was
recognized as one of the top technology products at CES 2015 by multiple media
outlets including Wired.com. The Wocket works most anywhere credit cards are
accepted and only works with your biometric stamp of approval or passcode. http://www.wocketwallet.com/
NXT-ID’ wholly owned subsidiary, 3D-ID LLC, is
engaged in biometric identification and has 22 licensed patents in the field of
3D facial recognition http://www.nxt-id.com/,
http://3d-id.net/
About Money20/20 (http://www.money2020.com/)
As the industry's
primetime conference and trade show, Money20/20 delivers the biggest scale,
best audience and most engaging event. Money20/20 is the largest global event
focused on payments and financial services innovation for connected commerce at
the intersection of mobile, retail, marketing services, data and technology. With
10,000+ attendees, including more than 1,000+ CEOs, from 3,000+ companies and
75 countries, expected at our 2015 U.S. event, Money20/20 is critical to
realizing the vision of disruptive ways in which consumers and businesses
manage, spend and borrow money.
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