1. | NEW HORIZONS Tomorrow’sTransactions Gijs Boudewijn, Dutch Payments Association London, 19 March 2015 1

2. | 2 New Horizons – what is? - Wiki New Horizons is a NASA space probe launched to study the dwarf planet Pluto, its moons and one or two other Kuiper belt objects, depending on which are in position to be explored. Part of the New Frontiers program, the mission was approved in 2001 after cancellation of Pluto Fast Flyby and Pluto Kuiper Express. The mission profile was proposed by a team led by principal investigator Alan Stern of Southwest Research Institute. After several delays on the launch site, New Horizons was launched on January 19, 2006 from Cape Canaveral, directly into an Earth-and-solar-escape trajectory with an Earth-relative speed of about 16.26 kilometers per second (58,536 km/h; 36,373 mph); it set the record for the highest launch speed of a human-made object from Earth. After a brief encounter with asteroid 132524 APL,New Horizons proceeded to Jupiter, making its closest approach on February 28, 2007 at a distance of 2.3 million kilometers (1.4 million miles). The Jupiter flyby provided a gravity assist that increased New Horizons speed by 4 km/s (14,000 km/h; 9,000 mph). The encounter was also used as a general test of New Horizons scientific capabilities, returning data about the planet's atmosphere, moons and magnetosphere. After Jupiter, the probe continued towards Pluto. Much of the post-Jupiter voyage has been spent in hibernation mode to preserve onboard systems. On January 15, 2015, NASA reported the New Horizons spacecraft began its approach phase to Pluto, which will result in the first flyby of the dwarf planet on July 14, 2015.

3. | 3 New Horizons

4. | 4 New Horizons – Payments Payments will become – Invisible – Instant – Virtual Or will they?

5. | 5 New Horizons - 2011 “As online payments take off, European banks have a unique chance to get it right, and introduce a bank-driven, Europe-wide infrastructure for e-payments. Such an infrastructure should include a scheme for instant authorisation of epayments (online, mobile or other), after which clearing and settlement can take place through various channels, such as SCT, SDD or Cards. Such a scheme would include a rulebook, communication/messaging protocols and standards and be open enough to existing customer-to-bank authorisation digital identities and authentication mechanisms. It also needs to be supported by a compelling business model and strong governance.” (Gottfried Leibbrandt, Chiel Liezenberg, 2011)

6. | 6 New Horizons – 2011 – Dual Consent

7. | 7 New Horizons – Some Fellow Travelers

8. | New Horizons – Regulatory Heat Map (WPR 2014) 8

9. | 9 New Horizons – Trust

10. | 10 New Horizons – 2015 – PSD2

11. | 11 New Horizons – 2015 - XS2A/OTA

12. | 12 New Horizons – Instant

13. | 13 New Horizons – “Instant is the new normal”

14. | 14 New Horizons – Invisible The act of paying and therefore the payment itself becomes invisible Consumers want a seamless shopping experience, not a payment experience See: Starbucks, Uber ….. So the actual payment ends up at the back end of the value chain …. Where do you want to be?

15. | 15 New Horizons – Virtual (but not BTC) Remember money has 3 functions: means of exchange, currency and unit for calculation Central bank money is just an underlying societal agreement to provide a sound basis for the economy Issuance, acceptance, security and compensation in (virtual) central bank money still requires a global solution and worldwide collaboration between regulators “The jury may remain out on the potential of bitcoin as a currency, but the underlying blockchain technology has attracted interest from the central banks, the financial services establishment and tech titans”. (Finextra 17/03)

16. | 16 New Horizons – Virtual – Regulation

17. | 17 New Horizons – What do the Klingons say? Consult Hyperion’s “hot five” for 2015 In-app payments “App and pay” not “tap and pay” The three-party party Think global, act local Privacy Part of the proposition Blockchain The real revolution IDIoT Identity for the Internet of Things: The next big battle

18. | 18 New Horizons – to boldly go ……… Change won’t be as fast as you think or as slow as it’s been Thank you for your attention And many thanks to those whose inspiration I have used without explicitly acknowledging them