P19 Update
P19 Payment Festival: The future of payment between cash and digital solutions
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Vienna, November 28, 2024 – On Tuesday, the P19 Payment Festival 2024 took place in Vienna's Sofiensäle, once again impressing as a central platform for the most important discussions and innovations in payments. Under the motto "Payment empowers innovation," the event, organized by the P19 payment initiative, brought together top-class experts, innovators, and decision-makers to actively shape the future of payments and address pressing challenges. More than 70 speakers – including Matthias Winkler (Sacher Hotels), Astrid Steharnig-Staudinger (Austria Werbung) and Robert Zadrazil (UniCredit Bank Austria AG), as well as Christian Steiner (Bitpanda), Hermann Erlach (Microsoft Austria), AI expert Carina Zehetmaier, Vienna's Vice Mayor Christoph Wiederkehr and Marietta Babos (Damensache) – took part to shed light on the challenges and opportunities for sectors such as retail, tourism and mobility through modern payment solutions.
Cashless Future – Austria and Europe in Transition?
A central theme of the festival was the increasing shift toward digital payment methods – a trend that is increasingly shaping public and political discourse at home and abroad. Austria, which continues to be one of the countries with particularly high cash usage, faces the challenge of strategically and prudently managing this transition to cashless alternatives. The focus was on the social benefits of digital payment systems, such as increased security, efficiency, and transparency, as well as the importance of financial education and inclusive design that includes all social groups. "Cash won't disappear overnight, but the importance of digital payments is growing rapidly. Events like this festival are essential for promoting dialogue between society, politics, and business and for jointly developing sustainable solutions," emphasized P19 initiators Birgit Kraft-Kinz, Martin Sprengseis-Kogler, Roland Toch, Max Jürschik, and Björn Wessel. The transformation to a cashless future requires not only technological innovations but also trust. It is crucial that everyone is included in this change so that it applies to the entire society, the initiators continued.
Sustainability, Inclusion, and the Role of FinTechs
Another focus of the event was the development of sustainable and inclusive solutions for payment transactions. Discussions focused on how technologies such as blockchain and open banking can be used to create transparent, resource-efficient, and secure payment systems. The Digital Euro, considered key to an independent European payment infrastructure, is particularly in the spotlight. Experts emphasize that it will not only offer an alternative to global payment systems but also provide all citizens with access to modern, fair, and secure payment methods.
The role of FinTech companies as pioneers for the future of payments was also highlighted at the P19 Payment Festival. Several presentations and panels highlighted how FinTechs are challenging traditional payment models and setting new standards with new technologies such as blockchain, artificial intelligence, and instant payments. Particular attention was given to projects demonstrating how FinTechs are improving fraud prevention through machine learning or developing innovative payment solutions for retail and smart cities. Their approaches were seen as important impulses for the industry, making payments more efficient and accessible. FinTechs are making a significant contribution to the further development of the market, offering solutions that meet both the needs of consumers and the demands of a modern economy.
Outlook: P19 Payment Award for Model Projects and "Payment Pioneers"
The next highlight will take place on January 28, 2025: At the P19 Neujahrsevent, the P19 Payment Award will once again be presented in three categories: Innovation, Sustainability, and "Payment Pioneer of the Year." In addition to the awards ceremony, the event will also feature panels and keynote speeches. Birgit Kraft-Kinz: "The P19 Payment Award reflects the rapid development in payment transactions. This award recognizes those pioneers who are making payment transactions more secure, efficient, and sustainable."
Cashless Future – Austria and Europe in Transition?
A central theme of the festival was the increasing shift toward digital payment methods – a trend that is increasingly shaping public and political discourse at home and abroad. Austria, which continues to be one of the countries with particularly high cash usage, faces the challenge of strategically and prudently managing this transition to cashless alternatives. The focus was on the social benefits of digital payment systems, such as increased security, efficiency, and transparency, as well as the importance of financial education and inclusive design that includes all social groups. "Cash won't disappear overnight, but the importance of digital payments is growing rapidly. Events like this festival are essential for promoting dialogue between society, politics, and business and for jointly developing sustainable solutions," emphasized P19 initiators Birgit Kraft-Kinz, Martin Sprengseis-Kogler, Roland Toch, Max Jürschik, and Björn Wessel. The transformation to a cashless future requires not only technological innovations but also trust. It is crucial that everyone is included in this change so that it applies to the entire society, the initiators continued.
Sustainability, Inclusion, and the Role of FinTechs
Another focus of the event was the development of sustainable and inclusive solutions for payment transactions. Discussions focused on how technologies such as blockchain and open banking can be used to create transparent, resource-efficient, and secure payment systems. The Digital Euro, considered key to an independent European payment infrastructure, is particularly in the spotlight. Experts emphasize that it will not only offer an alternative to global payment systems but also provide all citizens with access to modern, fair, and secure payment methods.
The role of FinTech companies as pioneers for the future of payments was also highlighted at the P19 Payment Festival. Several presentations and panels highlighted how FinTechs are challenging traditional payment models and setting new standards with new technologies such as blockchain, artificial intelligence, and instant payments. Particular attention was given to projects demonstrating how FinTechs are improving fraud prevention through machine learning or developing innovative payment solutions for retail and smart cities. Their approaches were seen as important impulses for the industry, making payments more efficient and accessible. FinTechs are making a significant contribution to the further development of the market, offering solutions that meet both the needs of consumers and the demands of a modern economy.
Outlook: P19 Payment Award for Model Projects and "Payment Pioneers"
The next highlight will take place on January 28, 2025: At the P19 Neujahrsevent, the P19 Payment Award will once again be presented in three categories: Innovation, Sustainability, and "Payment Pioneer of the Year." In addition to the awards ceremony, the event will also feature panels and keynote speeches. Birgit Kraft-Kinz: "The P19 Payment Award reflects the rapid development in payment transactions. This award recognizes those pioneers who are making payment transactions more secure, efficient, and sustainable."
Impressions from the P19 Payment Festival 2024 (c) P19/Martin Hron
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We would like to thank all P19 partners and corporate members, as well as all sponsors of the P19 Payment Festival 2024:
Worldpay // BearingPoint // Bluecode // bluesource – mobile solutions // COEO // CRIF // Eurogroup Consulting // exceet Card Group // fieldfisher // fiskaltrust // Grant Thornton // Kill The Dragon // KRAFTKINZ // Mastercard // Modirum // netcetera // paymenttools // PAYONE // Paysafe // Post AG // Raiffeisen // Raiffeisenlandesbank Niederösterreich-Wien // REGAL // Western Union
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About P19:
P19 is the European platform for more than 1,200 Payment Pioneers. The Payment Pioneers are a rapidly growing network working together to raise awareness of the hot topic of payments in Europe and internationally, promoting collaboration. P19 stands for exchange and innovation for a sustainable European payment industry.
p19.io | LinkedIn | Facebook | Twitter | Instagram | YouTube
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For inquiries:
Birgit Koch
p19@kraftkinz.com
+43 (0) 664 111 58 68
Gloriettegasse 13
1130 Vienna
We would like to thank all P19 partners and corporate members, as well as all sponsors of the P19 Payment Festival 2024:
Worldpay // BearingPoint // Bluecode // bluesource – mobile solutions // COEO // CRIF // Eurogroup Consulting // exceet Card Group // fieldfisher // fiskaltrust // Grant Thornton // Kill The Dragon // KRAFTKINZ // Mastercard // Modirum // netcetera // paymenttools // PAYONE // Paysafe // Post AG // Raiffeisen // Raiffeisenlandesbank Niederösterreich-Wien // REGAL // Western Union
***
About P19:
P19 is the European platform for more than 1,200 Payment Pioneers. The Payment Pioneers are a rapidly growing network working together to raise awareness of the hot topic of payments in Europe and internationally, promoting collaboration. P19 stands for exchange and innovation for a sustainable European payment industry.
p19.io | LinkedIn | Facebook | Twitter | Instagram | YouTube
***
For inquiries:
Birgit Koch
p19@kraftkinz.com
+43 (0) 664 111 58 68
Gloriettegasse 13
1130 Vienna
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