ETA Looks to Promote Innovation in Mobile Payments, Fintech

March 5, 2019         By: Steven Anderson

TRANSACT is regarded by many as, effectively, the CES of mobile payments, and this year, it’s going to be particularly big. We just got word from the Electronic Transactions Association (ETA) and Worldpay, who are planning to launch the Payments’ NexTen event at this year’s TRANSACT show.

The Payments’ NexTen event is designed to open up the floor a bit to new startup firms by creating a fellowship program to help give these firms a leg up. Those who are selected for the Payments’ NexTen group will be given free registration as well as exhibit space on the show floor.

The process to get in, meanwhile, depends on how companies answer a set of “problem statements” created by the ETA and Worldpay. Said statements focus on a range of issues in the field, starting with facial recognition and biometrics, then carrying on to issues of data, artificial intelligence, the Internet of Things, and contactless payments. There are other application criteria, of course, and the ETA has more information on qualifying. The deadline for application is March 15.

Worldpay’s chief product and marketing officer Asif Ramji noted “Worldpay prides itself on advancing the ways the world pays which is why we are thrilled to partner with ETA to support this creative approach to solving payment complexity. We look forward to the entrepreneurial, creative, outside thinking from payment innovators that may be the impetus for future payment disruption.”

Operations like this are generally win / win. Not only do some startups get a chance to get in on the ground floor of some serious networking without having to lay out the cash to get there, but Worldpay may well be able to spot some new talent well in advance of said talent making it big. It might also spot some innovative material to license, and that can be a huge help for them by getting some new and useful technologies that no one else has. Sure, it’s random action, but with a vetting process in place, Worldpay has a great chance of landing something new and interesting. And TRANSACT gets more exhibitors, which means more reason to keep showgoers coming back.

This should be a hugely successful event for all concerned, and we should see just how successful in short order.