Vinod Khosla Keynotes at Money20/20 and Makes Prediction

"EMV Will Be Irrelevant in 3-5 Years; NFC Can Do Everything It Does"

POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - October 30, 2015) - Investorideas.com, a global news source covering leading sectors including tech reports on attending the Money20/20 2015 Conference held at the Venetian in Las Vegas. With over 10,000 people in attendance, everyone was there to present or question -- what's next in payments and financial services?

What makes an event like this really exciting is the cross-section of answers, opinions and expertise that is shared.

On Sunday October 25^th, Mary Thompson from CNBC sat down with Vinod Khosla and gave the packed room an insightful glimpse into the mind of one of the most respected Venture Capitalists of today.

This was Vinod's first time at Money 20/20 and he said he was inspired to be there due to the amount of innovation and disruption possible today. "If you look at this whole space, it's a very large space; even niches are tens of billions of dollars; that's exciting."

Some of his investments within the space include Stripe, a developer-friendly way to accept payments online; and in mobile apps, Affirm and Square.

Looking at the financial markets future he said, "Capital formation is going to get much easier for start-ups. I don't think we will need large banks for that and we won't need middlemen."

He also told the audience, "We are going to move from an economy of labor and capital to an economy of ideas. We see that happening in every part of the ecosystem -- especially tech-driven innovation. I think people that have the best ideas, that are willing to try, willing to fail and try again, keep iterating until they get better will do well. That applies to both traditional institutions and start-ups."

"Real estate is ripe for innovation in tech." This is reflected in one of the companies in his portfolio; Open Door https://www.opendoor.com, a new way to sell homes.

One of his final comments in the Keynote was on EMV vs. NFC for consumers. He predicts, "EMV will be irrelevant in 3-5 years; NFC can do everything it does."

This is a key issue in the evolution of the payment industry as everyone competes for a piece of the pie. The very different approaches taken by Apple Pay and Samsung Pay show that even the biggest players are not sure.

Exhibiting at Money 20/20 with the Wocket® smart wallet, designed to replace all the cards in a wallet with an innovative approach to payments, Gino Pereira, CEO of NXT-ID, shared his thoughts with Investor Ideas on EMV and NFC.