60 Seconds with Anil Aggarwal

60 Seconds with Anil Aggarwal

60 Seconds With Anil Aggarwal

Anil Aggarwal

Anil Aggarwal

Anil D. Aggarwal is the chairman & CEO of Money20/20. He previously started two emerging payments processors – TxVia, acquired by Google in 2012, and Clarity Payment Solutions, acquired by TSYS in 2004.

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You've grown Money20/20 from a startup to a four-day sell-out conference with more than 10,000 attendees, bringing together almost all of the influential names in the industry. What's been the formula for success?

We're living in a period of widespread and disruptive innovation with fundamental shifts in consumer behavior. Money20/20 was the first platform to articulate that payments and financial services going forward will be defined more by these types of changes than the more traditional migration of paper-intensive payments to efficient electronic systems.

Once we did that, we spent three years executing the heck out of that thesis to become more than just an event – we became a key part of the fabric of the ecosystem. And that meant primarily a grassroots effort to build an industry-wide network effect. The need for Money20/20 seems obvious today, but it was groundbreaking when Jonathan Weiner and I first brought it to market in mid-2011.

You talk a lot about payments receding into the background as part of a larger trend – commerce. Can you share how this has happened and why it has changed?

As consumer experiences move from analog to digital, payments will inevitably move more into the background as a seamless part of those experiences. It might not seem like a big deal to pull out a plastic card to pay – and that’s the prevailing industry sentiment – but just use Way2Ride in a New York City cab once and you'll immediately realize how antiquated and inconvenient physical cards really are. It’s now one of my favorite apps, and the only way I pay when I'm in a cab. In-app buying, paying for dinner without having to wait for the check, and other use cases really illustrate how payments can be far less frictional when integrated into the background.

How long before we really start to see measurable change in payments based on technologies like mobile?

It's going to be a while. We're not talking about the emergence of a few new specialty payment products that exist in the long tail of the demand curve, but a monumental shift as payments go from being based on a hard-wired world to a wireless one. That's going to take a substantial amount of innovation, trial and error, development with the marketplace and significant industry realignment. It's also going to be dependent on the ongoing shifts in consumer behavior and uptake.

It continues to be an exciting period of time, but there's a long road ahead.

You've grown the Money 20/20 conference exponentially year over year and you've now expanded overseas. As a career entrepreneur and innovator – what's next for you personally?

I'm working on three things. First is my ongoing support of Money20/20, and I'm especially thrilled about Money20/20 Europe. It's coming together unbelievably well.

Second, I'm enjoying spending time as a Venture Partner at Oak HC/FT, a $500 million venture capital fund, looking at interesting fintech deals.

And, finally, I'm launching a new event called Shoptalk, which will take place on May 16-18, 2016 at the Aria in Las Vegas. Shoptalk is designed to be the leading event for next -generation commerce – Shoptalk is to commerce what Money20/20 is to payments and financial services. We’ve built an amazing team for Shoptalk and raised $2 million last month to build a platform that we think will be invaluable to the industry.

The statements and opinions of the writer do not necessarily reflect those of TSYS.

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Anil Aggarwal

Anil D. Aggarwal is the chairman & CEO of Money20/20. He previously started two emerging payments processors – TxVia, acquired by Google in 2012, and Clarity Payment Solutions, acquired by TSYS in 2004. He has raised over $75 million in venture capital from investors that include Oak Investment Partners and Bain Capital Ventures. Throughout his career, Anil has been committed to industry development initiatives, including founding the Network Branded Prepaid Card Association (NBPCA), a leading nonprofit trade group.

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