Jeremy Balkin, Global Head of Innovation and Corporate Development, JP Morgan, delivers a fascinating presentation on the future of payments.
JP Morgan is the largest payments business in the world – think big numbers – and is the leader in real time payments. Over the past 10 years, defined in part by the power of the smartphone in the palm of your hand, people and business have been connected like never before, leading to the creation of fast-growing peer to peer networks, digital wallets, platforms, marketplaces and so on.
Exchanging data and value is the stuff payments are made of and, in 2022, the vast majority of payments are digital. The largest, most sustainable, highest value and most notable fintechs are involved in payments and have driven a massive acceleration of innovation in payments.
Over the past decade, there has been US$1.5 trillion of investment across all fintech and a big chunk of that has gone to the payments space. That has had a massive impact across all sectors of the economy. Payments have allowed for the evolution of the gig economy, the creator economy, and the rapid growth of embedded payments. Think platforms, super apps, and the simplification of digital life. There is clearly a lot to cover and still to discover.
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