Las Vegas, United States, October 4th 2017 – This year, Fintech Finance and Money20/20 will join forces to present the second iteration of the #Money2020race. The competition sees six intrepid racers, each an influencer from the world of Payments and FinTech, set out across the great plains of North America to complete the 2,300-mile trip from Toronto to Las Vegas, using nothing but a single method of payment.
The race, which takes place this October, comes fresh off the back of the successfully received London to Copenhagen challenge in June for Money20/20 Europe. It will see the racers being allocated just one form of payments each to buy everything from their travel and accommodation to food and supplies. The payments being used include: Mobile wallet, Bitcoin, JCB Card, gold, contactless, chip and pin, coins and swipe and sign.
The race starts in Toronto on October 18th, with the racers required to arrive in Las Vegas in time for the opening ofMoney20/20 USA on October 22nd. Beyond the challenge of only being able to pay for their travels with a single payment method, each racer must also stop along the route to complete a series of daily challenges set by company sponsors and race event organizers.
The racers will take part in a discussion panel on October 25th at Money20/20, where there’ll be an opportunity to find out about their experiences and interview them individually.
Race organiser Ali Paterson, Executive Editor of Fintech Finance, believes that a second race in different countries will test the efficiency of cross-border and global payments.
“The race had never been done before so it offers a brilliant insight into the leverage that different methods of payment can offer users” says Ali. “When it comes to everyday transactions, consumers should have a choice – and that choice should not be dictated by the seller. We want to demonstrate that there is not one payment to rule them all.”
One of the race sponsors is Finastra, the 3rd largest Fintech company in the world. “For many years, people have been talking about the imminent arrival of a cashless society,” says Simon Paris, deputy CEO, Finastra. “I highly doubt they imagined gold bullion or checks making a comeback to bring this to fruition… but the race is on and as well as being good fun, it really highlights the changing payments landscape – as well as some of the cutting-edge technologies that are driving the shift.”
Tracey Davies, President, US Market, Money20/20, is looking forward to finding out which payment method wins the race. “With the ecosystem constantly re-inventing itself, the Payment’s Race is a fun way to put to the test the efficiency of today’s main payment methods. It’s a great way to bring fresh and real-time insight to Money20/20, ready for the industry’s smartest and most inventive people to discuss as they come together to create the future of money.”
There is still time to take advantage of this incredible opportunity to get involved with one of the most exciting events in the payments calendar. With a range of sponsorship packages to choose from, your company can be at the forefront of the payments industry, benefit from the fantastic exposure that this event will generate.
To follow the racers, visit the ‘Payments Race’ page and check out the various social media and YouTube channels.