Simon Khalaf, CEO of Marqeta, uses Cash App to demonstrate how well-designed fintech products gain massive distribution.
Opinion
Khalaf: Merchants complaining about card interchange fees ignore massive ad tech costs
“So regarding the payment rails, I agree with Zach. It's a yes, but the but is bigger than the yes, because if you look at, ah, all the folks that are honestly complaining about the interchange. Okay, let's talk about it. These are the same people who are payin…”
Prediction Not checkable as stated
Khalaf: Payment cards will transition to dynamic, real-time programmatic selection
“And that's what's gonna happen to a payment vehicle. It is gonna be a just-in-time selection. I'm not saying it's, you're gonna have infinite amount of cards. You can, because digitally you can. So, but there is gonna be one wallet or card that looks like a wa…”
Prediction Not checkable as stated
Khalaf: Payments innovation will center on digital wallets, not merchants
“So I think the innovation is not going to be on the merchant side, ah, because why? The innovation is going to be in the wallet side, because if you look at what Apple Pay has done, it is a personal, individual checkout that works in every country, in every me…”
Prediction Not checkable as stated
Khalaf: Embedded finance will replace the term 'fintech' within two years
“That's why I hope in the next two years the word fintech will disappear and it will be embedded finance because they've got distributions. They've got the consumer, right?”
Assertion Contradicted
Khalaf: Payment cards have wider reach than Google, Facebook, and clean water
“Because if you think about a payment card, it's the most adopted technological product ever invented. More distribution than Google and Facebook combined. More distribution than clean water. And it's still a piece of plastic for many.”
Assertion Contradicted
Khalaf: Target makes more money from financial services than retail
“Look at Target. I mean, ah, they make more money from financial services than retail.”