Future of Payments - TOKEN2049 Dubai 2024

well I know you've had a whole day of technical talks so I promise I'm not going to be super technical I'm going to talk about payments but I'm also going to talk about the future so let's start perfect well payments in banking um the infrastructure that we have today is old it's archaic what do I mean by that um I'd love to kind of take you guys through a history of card payments um starting with like the front end of card payments um this is the front end the things that you kind of interact with experience right the first credit card was launched in 1950s um which was the din Club card over the next couple of decades we had a lot of improvements in security specifically um to launch the max type card where your card details are stored on a magn itic stripe couple decades later we had the EMV chips which is the CH chip and pin cards in the 1980s FastTrack today we have mobile phones we have contactless payments we literally have Apple pay and Google pay that you can use your phones to make part payments you can make cut payments from your watch so the front end has really evolved extensively but what about the back end right not so much to be honest who here knows uh in the audience know scall anyone a show off hands yeah I didn't think so so the payments back end the banking back end is based on a programming language called cobal which was developed in the 1950s and not even for that purpose it's 60 years old it Powers 80% of the transactions today um the main processes in cart payments which is authorization clearing and settlements they're based on standards called as ISO 8583 and the base one based which Visa uses that's about 3 to four decades old now what happens when the front end which is so evolved tries to talk to this back end which is super archaic it creates a lot of intermediaries it creates a lot of small companies trying to solve smaller problems and make incremental upgrades what that means is one card payment from you to the merchant has about 8 to 12 intermediaries on average they increase the cost they increase the complexity they make it slow and inefficient um just just to give you a sense why people are so resistant to making any change on this Cobalt system on all the archaic backend infrastructure is because it's so complex and now it's become a giant spaghetti literally because everyone's made incremental changes and no one knows if they change something or try to overhaul the system what's going to happen to put that into perspective um Commonwealth Bank of Australia in 2012 they attempted to change their whole banking plan platform they it took them 5 years and $750 million to change it that's how big the problem is what's the solution to this we think there is potential for blockchain to change this in what way right I mean blockchain's original promise in 2009 was to be a peer-to-peer Electronics Money Network or a cash Network a payments network but we had about a decade and a half of inventions blockchain wasn't really mature but I feel we're finally at the cusp where we can actually build products for the mass consumers right we've had a lot of changes that tackle all our ux challenges we can literally have now smart accounts we can have social recovery we can have passy based logins we don't have to worry about gas anymore it can be sponsored we don't have to have native tokens on chains right we're making it super user friendly um coupled with that we have The Regulators also showing a lot of interest drawing up Frameworks and thinking about how to enable growth using blockchain and lastly like we have had a lot of improvements in scalability that was a major problem over the last few years even that's getting to a place where it can be solved right so how now we have the old technology and we have the blockchain technology how do we merge them or how how does blockchain solve this right to explain this I want to use an example from the Telecom industry this early 2000s where we had the old Telecom infrastructure if you remember you had land lines right you used to call one another like using landlines which were connected by cables like huge Telecom Towers right that was the old infrastructure early 2000s we had voice over IP which is basically calls over the internet but for the first 10 years there was literally not a lot of development on it it did not achieve a lot of growth in 2010 there was a inflection point which is when Skype released the voice in voice Out product what it meant was the new technology started disc like started talking to the old kind of old rails right you could call from a Skype no you could call from your Skype app to any landline number and vice versa the users got access to a new technology without changing their habits and that's when the inflection happened and fast forward to today almost all of Telecom is on top of viip and people don't even know it and that's what we want to do with no sisp we want to bridge trafy the old Banking and the payments infrastructure with the new infrastructure and the product that we are building to bridge it that is what we're doing at nosis spay and our obvious vision is that in the future all transactions are on chain making them cheaper faster more efficient and secure let me give you an example of how we're kind of Bridging the Gap between try and defy right imagine you have a card you're going to buy a coffee you tap the terminal what happens in the background is the terminal sends a message to the acquirer which is the Bank of the merchant or the coffee shop owner they send a message to Visa which is the payment Network telling them hey I need this money from this guy Visa sends a message to the issuing bank or through a processor um the bank of the card holder telling them hey you need to send this money what we've done is we've built a processor that communicates with Visa takes their message and also like through our issue process cessor takes their message queries the data on chain and communicates a message back that this customer has the money and you're good to go and so on and so forth with clearing and settlement this is a very high level explanation but in a nutshell this is how we are plugging in to the existing payments infrastructure stack right and all of the transactions here basically go through the nosis pay account which is based on the nosis Chain which is essentially a payments Network so I've spoken a lot about the f future the past what are we really doing right we're the world's first onchain self cust checkings account with a debit card attached to it right what does that really mean it's a new way of thinking about a checkings account where the core is based on blockchain we have a smart contract wallet essentially which is a safe which stores like currencies in form of blockchain tokens which is Euro e GBP and we attach a debit card to it and and iban to it an iban is an international banking account number what it's essentially doing is think of your regular checkings account what do you use it for right you use it to store money you use it to put money in you can use a bank transfer to send your money to your account or you can do an onchain transfer or if you want to put money out you can do a bank transfer to any address or you can do an onchain transfer to any address or you can use a card to spend your money right that's why you use a bank account you can use a card anywhere in the world and that's exactly what we doing it's a checkings account I think one thing I forgot to mention is what the nosis P account or the new account is doing is synonymity between defy and trfi it's one account for literally everything you don't have to worry about being in drafi or being in defy and some of the benefits are like it's a self custo card what it means is we empower the users to custody their own funds if they choose to you can be your own bank you don't have to worry about Banks failing or for any other reason second is we've launched like fairly recently we launched about a couple of months back and we have a lot of special BS for our early adopters we have the OG nft and there's a bunch of things that we've planned um third is you can access through this account like web 3 instruments you can connect to any appap you can access better yields other Financial products that were not available to users before in web 2 um you can literally spend with your card the nosis card anywhere in the world about 80 million Visa Merchants worldwide and you can on ramp and offramp in an instant what that means is you can send a bank transfer from your regular Neo bank and in like in a matter of seconds you'll have the money on chain without any fees this is do a partner like this is through a partner called monum and the last part we're not trying to build an as Silo we're trying to work with regulators and build a product that is compliant with all the uh regulations and we use a lot of partners for this what's next for us at nois pay we want to add an Apple pay Google pay integration so we go back to the customers in the habits that they are used to without changing their habits we want to have more stable coins onto the product or like make it a multi currency card essentially and thirdly we're going to also introduce the rewards program especially with a lot of perks for early adopters what what does attraction look like we launched on the February of 5th 2024 we've had about 10,000 people who are waiting across the world to get their cards we have about 2,800 cards that have been delivered or have been ordered and we are close to reaching about a million dollars in payment volumes as you can see we've seen a lot of exponential growth in terms of the payments that have happened per week we've crossed 3,000 payments per week now and we've also seen a growth in the number of active users so we're super bullish on this where can you find us right now um EA UK Switzerland about 30 plus countries are plans next in in terms of expansion is to go to Brazil the US and hopefully the Middle Eastern Asia very soon um one thing I think in true nois ethos is to build products or infrastructure that are open and that people can build on top of so in that Spirit we want you to collaborate with us if you're a builder in web 3 you can come build on top of our product build interfaces we've already seen so many people build private projects that allow you to um host like hold um for example yield bearing stable coins and connect that to your nosis card so that you're always earning yield it's a very efficient way of doing it and similarly you can also collateralize your volatile assets like your be U BTC or your eth and basically take a loan and get yoe to spend against nois card these things seem small but this is revolutionary in the sense that things like this were only available for people in web 2 who are super privileged who are super wealthy but now we can democratize it because of blockchain and the other thing you can do is um if you're a wallet or a community in web3 which has a lot of users which have which have a lot of crypto and they want to spend it in a self- cust way come talk to us we can have a referral Arrangement where you can refer users to us these are some of the partners that make the product possible obviously Visa is a big one and they've been helping us a lot we also work with mono manum frail katki and safe and a bunch of other products that being said um I invite you to kind of join us on our journey Join the Revolution order your card now by scanning the QR code um thank you