Digital Wallets and Cryptocurrency
January 10, 2018|By Tom Moreno, Jr., Executive VP of Technology and Operations
Texas Public Radio’s The Source invited me to sit down with other financial experts to talk about the state of mobile pay and cryptocurrency. As a consumer, I recognize how often I might forget my wallet, but not my phone. Moving to a digital wallet makes sense for convenience, but launching a mobile pay app still takes more effort than using a physical card. As a banker, I think about the potential concerns that my clients may have such as speed and security. As a business owner, staying relevant is important, but may not be worth it if it compromises cash flow.
Ninety percent of mobile transactions come from Apple Pay globally, but only 25 percent of Apple Pay transactions are processed in the US. Even with a slower adoption rate, the “payments revolution” is happening. With digital technologies such as Venmo, Apple Pay and Android Pay, the pressure is on financial institutions to make sure these transactions are secure and trackable. During the interview, we also dive into what you should know about bitcoin and blockchain, and how they affects our global economy. It was a pleasure getting to speak on the show and answer questions about mobile pay and cryptocurrency.
The Source is a daily call-in talk program that gives San Antonians an opportunity to connect with in-studio guests and a citywide audience.