Fintech Insider Podcast by 11:FS
00:24:59 · Daniel Wills
[00:24:59] S2: Yeah. Absolutely. I I think Matthew's analogy of the the self driving car is is really, really fitting here. Also, for a more extreme analogy, thinking of going to the moon or going into space, there's a cohort of people that will really, really wanna do this and really, really wanna use it. There'll be the opposite cohort who won't wanna go anywhere near it, and then there'll be those people in the middle. I think those people in the middle who are open to it but want to know a bit more about it, what the terms are, will probably need a relatively large amount of control and transparency, which I think is completely reasonable given it's... You know, Matthew said, you know, this technology is moving so quickly. We we call it new, but I expect next week we'll be calling it old. It moves so quickly. I guess if they they know on what terms the agentic spending is is is within, then they'll be reasonably happy to to proceed as long as they know, you know, if someone's going into your house, you're probably okay with it. If they're gonna sit your dog and you're away, you're probably okay with it. If you know what rooms it's going into, if you know what it's doing, if something goes wrong, it's gonna flag it for you. So, you know, if there's limits set by the consumers, if there's explanations for for why the agentic spending is doing what it's doing, and, you know, if there's consumer confidence that if something does go wrong, it's it's put right relatively easily, then I guess, yeah, it's it's a good example of how you you can build trust with this technology as well, which obviously is going to benefit, hopefully, all businesses going forward.
00:26:33 · Kate Moody, Brad Wiskirchen
[00:26:33] S0: Yeah. I mean, Brad, keen to give you the final final word on this story. I suppose, obviously, it's really great to see initiatives like this come to market. What do you think is next? Like, what what are the next steps that need to happen in the agentic payment space to kind of help? Like, as Matthew was saying, like, this is just an incredibly rapidly evolving field, it might be really hard to answer, you know, what what's the next thing on the radar that you think needs to be fixed to help kind of this roll out as safely as possible? [00:26:58] S4: For a Genetic AI generally, not necessarily disputes. I think it is just making people feel comfortable that the appropriate guardrails are in place. I mean, you're not gonna get my mom to use Agentic AI unless she feels like that there's some sense of security that the agent isn't going to be going off on its own and and doing things that she doesn't want it to do. So the providers of the services need to make sure that the end consumer feels comfortable with that. And, I mean, there's too many stories even perpetuated by the LLMs right now that AI is doing what it wants. The last thing you want is to have your your bank account depleted by a rogue agent. So... And I don't think that's necessarily gonna happen, but but it behooves the people who provide the agentic AI services to instill certainty and confidence within the end consumer, just like we're trying to do with the merchants and the people and the and the players in the fintech and and banking sectors.
00:26:58 · Brad Wiskirchen, Kate Moody
[00:26:58] S4: For a Genetic AI generally, not necessarily disputes. I think it is just making people feel comfortable that the appropriate guardrails are in place. I mean, you're not gonna get my mom to use Agentic AI unless she feels like that there's some sense of security that the agent isn't going to be going off on its own and and doing things that she doesn't want it to do. So the providers of the services need to make sure that the end consumer feels comfortable with that. And, I mean, there's too many stories even perpetuated by the LLMs right now that AI is doing what it wants. The last thing you want is to have your your bank account depleted by a rogue agent. So... And I don't think that's necessarily gonna happen, but but it behooves the people who provide the agentic AI services to instill certainty and confidence within the end consumer, just like we're trying to do with the merchants and the people and the and the players in the fintech and and banking sectors. [00:27:57] S0: Yeah. No. Absolutely. Okay. On that note, we're just gonna take a very quick pause. We'll be back shortly.
00:27:57 · Kate Moody, S5, S6
[00:27:57] S0: Yeah. No. Absolutely. Okay. On that note, we're just gonna take a very quick pause. We'll be back shortly. [00:28:06] S5: Launching innovative payment products is only the beginning. Real progress comes from what happens next. Paymentology fuels continuous compounding momentum as a cloud native issuer processor, helping banks and fintechs grow beyond go live with global reach, local know how, and the power of its Loom platform. Powered by more than 500 paymentologists across 68 countries, they make card programs work naturally across markets. Want to keep the momentum going? Head to paymentology.com. [00:28:40] S6: This episode is brought to you by Google Chrome. You think you know a browser, but Gemini in Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses, setup required, compatibility, availability varies 18 plus.
00:29:08 · Kate Moody
[00:29:08] S0: Before we get back to the news, we wanted to tell you about our next After Dark event, which is crazily only a week away now. Fintech Insider hosts David Brear and me, Kate Moody, will be joined live on stage Tom Eastby from HSBC Innovation Banking and Valerie Contour from Black in Fintech to record this very podcast and break down the biggest news stories of the week. It's taking place at Village Underground in London on Thursday, November 12, where we'll be recording a live Fintech Insider news show followed by drinks and networking with the Fintech community. Tickets are available now at learnfest.com/afterdark, and there's also a link in the show notes below as well. Don't miss out. Okay. Back to the news. And our final main story this week is taken from Fintechs, and it is Mastercard targets creators via MrBeast partnership. Mastercard has announced a partnership with Beast Industries, the company founded by YouTube star, MrBeast, to expand its presence in the creator economy. The partnership will include consumer and creator cobranded card programs, Mastercard prices, experiences, and financial tools and education designed to help creators build and grow their businesses. The company's aim to combine Mastercard's payments network, digital capabilities, and loyalty expertise with Beast Industries creator ecosystem. The deal follows MrBeast's acquisition of team focused Fintech Step earlier this year, marking another move into financial services. Matthew, come to you first on this one. It's it's pretty cool for Mastercard. Right? It's a partnership with one of world's biggest content creators to reach new new consumers. What... What's your take on it?
00:30:40 · Matthew Goldman
[00:30:40] S3: Yeah. I think we've all been waiting to see what will happen. We know that MrBeast trademarked, like, MrBeast Financial Services earlier in this year. And I've always thought that MrBeast is actually a product of financial services advertising. He made a lot of money from Honey in the early days, and Honey made a lot of users from MrBeast. And well, you know, Honey went on to be acquired by PayPal, and it was maybe thought of as shopping. It was really a financial services tool. So I think there's always been this alignment even if it seemed to be kind of underneath, maybe the... What the average consumer could see. What I think is interesting here is a couple of key things that one, you know, this is not just another celebrity card. There was an era of, you know, Kim Kardashian on the front of a prepaid Visa, and, you know, the product wasn't interesting. But we know that's not what will happen here. This is a much bigger deal. We know that MrBeast has done very, innovative things, whether it's the game shows or the or the videos or all these things that, know, the huge empire. They'll do something different. And, of course, MrBeast owns STEP, which was a teen focused Visa product. So I'm also very curious to see what will happen to STEP. It will presumably move to Mastercard. And MrBeast has brought appeal. This this is about his fans. They're not all 17. Some of them are probably 27 or 37. And, you know, there could be a lot of opportunity here because there's one thing I've learned in in working on credit and debit products for for twenty years is that every brand wants their own card. It's a really fun one thing, especially here in The United States where we have just an enormous selection of co brand credit cards. Everyone wants that. And so this is, I think, going to be something very different. I I can't wait to see what it is. It's not just gonna be three points per dollar on gasoline or or whatever have you.