Six influencers will compete to see who can get to Las Vegas first using only a single method of payment and win #Money2020race.
The race, sponsored by Fintech Finance and Money20/20, begins in Toronto on Oct. 18, with competitors needing to arrive in Las Vegas by the time Money20/20 opens Oct.22.
They must pay for travel, food, accommodation and all other expenses with a single payment method from a list including mobile wallets, bitcoin, JCB Card, gold, contactless, chip and pin, coins, and swipe and sign. The six must complete daily challenges at different stops along the way and they will share their experiences on a panel during the event.
Fintech Finance executive editor Ali Paterson said a race in different countries will test the efficiency of cross-border and global payments.
“The race had never been done before so it offers a brilliant insight into the leverage that different methods of payment can offer users. When it comes to everyday transactions, consumers should have a choice – and that choice should not be dictated by the seller. We want to demonstrate that there is not one payment to rule them all.”
Fintech giant Finastra is a race sponsor. Its deputy CEO said #Money2020race is a glimpse into a cashless society.
“For many years, people have been talking about the imminent arrival of a cashless society,” Simon Paris said. “I highly doubt they imagined gold bullion or checks making a comeback to bring this to fruition… but the race is on and as well as being good fun, it really highlights the changing payments landscape – as well as some of the cutting-edge technologies that are driving the shift.”
Tracey Davies wants to see which payment method wins the day.
“With the ecosystem constantly re-inventing itself, the Payments Race is a fun way to put to the test the efficiency of today’s main payment methods,” the president, US market for Money20/20 said.
Follow the racers on YouTube, social media, and at www.us.money2020.com/payments-race