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Xpand's inaugural Mobile and Online Payments Meet Up

27th Nov 2014


Last Thursday in Sydney we kicked off the first of our Mobile and Online Payments Panel Discussions in Xpand’s converted woolshed to warehouse style HQ in Millers Point.

At Xpand we fully believe in having a deep passion for our markets and we were delighted to welcome our amazing panel and guests for the night.

Our panel was comprised of:

Amor Sexton, Digital Currency Lawyer, Adroit Lawyers,

Daniel Nelson, PayPal/Braintree Head of Enterprise Development

and Phillip Finnegan, Clear2Pay Asia Pacific General Manager - Australia, New Zealand & SE Asia.

The core topics of the night were around the changes and disrupters in the payments landscape with particular focus on mobile and online payments.  Bitcoin seemed to be the core flavour of the night with most of the discussions returning to this topic! I'm pleased to say the panel are some of the foremost experts in the Bitcoin world and I'd say almost superstars.

Some of the outcomes and discussion points raised were:-

  • The big 4 Banks will adapt as they have a well established solid long established  customer base and the level of trust to see them though any change in the payments landscape.
  • Its highly unlikely that there will ever be a true single global currency.
  • Disruption does not mean take over. The Disruptor organisations aim to take the cream off the top.
  • There is the opportunity is for specific tasks – such as remittance, ecommerce transactions, loyalty point etc. within the payments landscape.
  • Bitcoin will become cheap for micro payments, it is also perfect for the developing world and can also be used with sim cards and analogue phones.
  • A number of organisations/start-ups are trying to establish Bitcoin banks/exchanges etc. – consolidation needs to happen.
  • The underlying technology of Bitcoin is what interests Venture Capitalists and not necessarily the digital currency. Secure transfer of electronic property is what the market is really interested in and this should be some of the real growth areas.
  • Block chain transaction database is the technology behind Bitcoin and has answered an age old maths problem.
  • Speculators (mum and dad investors) and not Bitcoin users are causing the fluctuation in the market.

  • Bitcoin great for international remittance.  Cross border remittance cane sometimes  attracts fees of up to 15% Bitcoin removes most of the cost.
  • Mining Bitcoin. A single investor bought all the latest chips ahead of the market and set up in Iceland they have subsequently managed to get a huge jump on the market.
  • The more Bitcoin is mined the more complex the algorithm becomes, subsequently the harder it is to mine. Bitcoin’s are only released gradually to the market.
  • There is a big shift towards tokenisation e.g. Uber, gives delightful experience for consumers and means that there are more and more ways to pay for good and services making a single currency less likely.
  • Digital ID is the challenge for organisations not necessarily the payments. This will be the key battleground going forward. There will also be a fight between the Telco's, Facebook, your bank  etc. to who owns your ID security.
  • Australia is now the number 2 in the electronic payments market behind US.
  • Cultural differences and governance means there can be no global solution to payments.
  • Australia ranks as the number 1 electronic trading ready country. Some of the attractions are the reliability of the postal/courier service and high Tax  threshold on imported  goods (anything under $1k attracts no GST on parcels) for example.

We look forward to our follow up panel discussion next year.

Keep your dairy free for 5th February 2015  and register your interest at;