Technology

2019 SALT Conference: How Digital Payments Drive Entrepreneurship

Notes from Frank Bisignano, the Chairman and CEO of First Data, from his presentation at the 2019 SALT Conference called “Connecting The World: How Digital Payments Drive Entrepreneurship.”

digital payments drive entrepreneurship
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Connecting The World: How Digital Payments Drive Entrepreneurship

Frank Bisignano – Chairman & Chief Executive Officer, First Data

Anthony Scaramucci – Founder & Co-Managing Partner, SkyBridge

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Q1 hedge fund letters, conference, scoops etc

  • Frank is overseeing a $22bb merger with digital payments at First Data
  • Ringing the bell for the largest IPO of 2015, was a life changing moment for him
  • One of his biggest failures was running a global payments business at Citi
    • It was struggling, so they brought in a senior member from Oracle
    • It is not all on you as the leader, but you must be willing to bring the right people to the table
  • “How do we help the consumer make life easier”
  • They were the engine for the Starbucks digital payments
  • Will be in a cashless society?
    • There are countries just starting to take cards
    • Everything is going to transform; cash will become less popular
  • Putting payments into cars is the next big movement
  • Payments at the pump but also at QSR like McDonalds; you will never need to take out your phone.
  • Competition from Amazon and Paypal; managing cooperation and competition?
  • Clover, sits in SMID size businesses
    • Open environment for developers
    • They are partners with all the aforementioned players
    • Their real estate is so valuable that everyone wants to partner with them
    • You saw that with how Apple Pay played out for them
  • Surveilling code, hacking yourself and having a parameter that is tight as well
  • Cyber security is the number one risk
  • Disruption is second risk
    • Watch the competitive landscape and partners with the real threats
  • Old people are smart; learn from those that have experienced that change

This article first appeared on ValueWalk Premium