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Emerging Payments and Communities: Reimagining Trust and Mutual Finance

Technological innovation is redefining how consumers interact with money. New payment infrastructures are challenging traditional card networks, forcing credit unions to reimagine money and banking.

Executive Summary

In 2004 Facebook was an anomaly. As one of the pioneers in social networking, it originally limited access to Harvard students, offered basic functionality, and served as a centralized directory that connected people across the university. While its core user group was exclusive, the message was clear: Facebook wanted to revolutionize the way we connect with one another. Today Facebook has over 1.23 billion active users and is the number one social networking site in the world. To the victor go the spoils.

Financial services are facing an interesting revolution of their own in payments. Every aspect of how consumers manage, spend, and borrow money is undergoing a transformational shift. Disruptive innovation is decentralizing money. Now you can buy a cup of coffee or pay bills with the click of a button on your smart-phone. Our very perception of monetary value is changing. In the same way community led to the rapid rise of Facebook, community is a key aspect of emerging payment systems.

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