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Identity is the New Money
Dave Birch
Global Ambassador,
Consult Hyperion
Wired Money
London, July 2014
1 Attribution-ShareAlike 3.0Version 1, 1-Jul-14
Or, “Money is a hack”
Money talks because
money is a metaphor,
a transfer, a bridge…
Money is a specialist
technology, like
writing
Marshall McLuhan
(1964)
Who are Consult Hyperion?
Practical and independent expertise
Please copy and distribute
Mobile payments
Deep involvement in mobile payment programmes
around the world
Payment schemes
Technical authoring and consultancy on EMV payment
specifications, strategy, training & certification requirements.
TfL Future Ticketing Strategy
Enabling open-loop payments in London
transport
Mobile POS
Enabling card payment acceptance within a new
category of Merchants
.
The Big Picture
Actually, Shakespeare was wrong. “It not enriches him”? Seriously?
Who steals my purse
steals trash; ‘tis
something, nothing;
‘Twas mine, ‘tis his,
and has been slave to
thousands;
But he that filches
from me my good
name
Robs me of that which
not enriches him,
And makes me poor
indeed.
Othello, Act 3, Scene 3
Money is Memory
Game of Stones (early Bitcoin)
(image courtesy of NOAA, October 1971)
Money is
technologically
equivalent to a
primitive version of
memory.
Narayana
Kocherlakota
Social Capital
We don’t need no stinkin’ badges
In the world of post-
modernism, it is no
longer clear that any
one identity is ‘real’.
Charles Raab (2004)
Financial Capital
Our new superpower (hat tip: Sam Lessin) means that we can do away with the hack of cash. In
time, we may even do away with the hack of money.
It wasn’t actually
illegal to have [cash],
it was just that
nobody ever did
anything legitimate
with it.
William Gibson in
“Count Zero”. Grafton
(London: 1987)
Transactions and Economic Avatars
When the transactional costs of social capital become lower than those of
financial capital, it becomes a means of exchange
Economic avatars as
an improvement on
the forgetfulness of
cash
Jaron Lanier (2013)
Why Now?
The mobile phone and the social network
if modern society has
always been
supposed to be
individualistic, only
now perhaps is the
individual emerging
as a social force to
be reckoned with
Keith Hart (1999)
Peak Cash
A burden on the poor and honest, a relief to the rich and dishonest
see Mazotta & Chakravoti, “Who pays more to use cash?” in J. Payment Strategy & Systems 8(1),
p.94-107 (Spring 2014)
In 50 or maybe even
10 years’ time, we
will still be using
cash but I don't
think we'll have
plastic… If I had
said 10 years ago
that you couldn't
pay with a cheque
at the supermarket,
you wouldn't have
believed me. That is
now the reality, and
we see plastic
cards going the
same way.
Anthony Jenkins
(2008)
Payments Weather Map
10 Please copy and distributeVersion 1, 7/1/2014
A Thousand Flowers
A single currency? You’re having a laugh.
Money symbolises the
way in which we
are connected to
strangers as never
before.
Paul Seabright (2005)
The IBM Dollar
If you don’t like their money, start your own.
I look forward to a
time when the
successors to Bill
Gates will have put
the successors to
Alan Greenspan out
of business.
Edward de Bono
(1993)
Identity is the New Money
This is not a metaphor
The electronic money
world looks much
more like the
neolithic world
economy before the
invention of money
than it looks like the
market as we have
known it in the past
few hundred years
Jack Weatherford
A Country without Cash Case Study
Reputation substituted for money, social capital substituted for financial
capital, identity substituted for cash
The “personalised
credit system” could
substitute for cash
because of the local
nature of the
circulation.
Antoin Murphy (1978)
Tomorrow’s Transactions:
thought leadership from Consult Hyperion
Read www.chyp.com/media/blog
Listen www.chyp.com/media/podcasts
Visit www.chyp.com
Contact info@chyp.com
Follow @chyppings
Thank You
Consult Hyperion has helped some of the world’s leading organisations to make the
right technical and commercial choices within and around smart, mobile, contactless
transactions, including retail payments, identity management and transit ticketing.
Consult Hyperion is a trusted advisor adding product strategy, technical, regulatory,
compliance and information security expertise into project teams within
organisations considering deploying innovative new payment or identity services.
15 Version 1, 1-Jul-14 Please copy and distribute
In January 2013, David Birch was ranked Europe’s most influential commentator on
emerging payments and in August 2013 Wired magazine named him one of their global
top 15 sources of finance and business information.
One more thing…
“Identity is the New Money” (LPP: 24th April 2014)
144pp paperback / ISBN 978-1-907994-12-8
16 Please copy and distributeVersion 1, 7/1/2014
Birch doesn't claim to have all the answers. What he has
done is produce a bold, forward thinking book that grapples
with weighty issues in a concise and accessible way. Retail
Systems (May 2014).

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Identity is the New Money, short (but not shored enough) version for Wired

  • 1. Identity is the New Money Dave Birch Global Ambassador, Consult Hyperion Wired Money London, July 2014 1 Attribution-ShareAlike 3.0Version 1, 1-Jul-14 Or, “Money is a hack” Money talks because money is a metaphor, a transfer, a bridge… Money is a specialist technology, like writing Marshall McLuhan (1964)
  • 2. Who are Consult Hyperion? Practical and independent expertise Please copy and distribute Mobile payments Deep involvement in mobile payment programmes around the world Payment schemes Technical authoring and consultancy on EMV payment specifications, strategy, training & certification requirements. TfL Future Ticketing Strategy Enabling open-loop payments in London transport Mobile POS Enabling card payment acceptance within a new category of Merchants .
  • 3. The Big Picture Actually, Shakespeare was wrong. “It not enriches him”? Seriously? Who steals my purse steals trash; ‘tis something, nothing; ‘Twas mine, ‘tis his, and has been slave to thousands; But he that filches from me my good name Robs me of that which not enriches him, And makes me poor indeed. Othello, Act 3, Scene 3
  • 4. Money is Memory Game of Stones (early Bitcoin) (image courtesy of NOAA, October 1971) Money is technologically equivalent to a primitive version of memory. Narayana Kocherlakota
  • 5. Social Capital We don’t need no stinkin’ badges In the world of post- modernism, it is no longer clear that any one identity is ‘real’. Charles Raab (2004)
  • 6. Financial Capital Our new superpower (hat tip: Sam Lessin) means that we can do away with the hack of cash. In time, we may even do away with the hack of money. It wasn’t actually illegal to have [cash], it was just that nobody ever did anything legitimate with it. William Gibson in “Count Zero”. Grafton (London: 1987)
  • 7. Transactions and Economic Avatars When the transactional costs of social capital become lower than those of financial capital, it becomes a means of exchange Economic avatars as an improvement on the forgetfulness of cash Jaron Lanier (2013)
  • 8. Why Now? The mobile phone and the social network if modern society has always been supposed to be individualistic, only now perhaps is the individual emerging as a social force to be reckoned with Keith Hart (1999)
  • 9. Peak Cash A burden on the poor and honest, a relief to the rich and dishonest see Mazotta & Chakravoti, “Who pays more to use cash?” in J. Payment Strategy & Systems 8(1), p.94-107 (Spring 2014) In 50 or maybe even 10 years’ time, we will still be using cash but I don't think we'll have plastic… If I had said 10 years ago that you couldn't pay with a cheque at the supermarket, you wouldn't have believed me. That is now the reality, and we see plastic cards going the same way. Anthony Jenkins (2008)
  • 10. Payments Weather Map 10 Please copy and distributeVersion 1, 7/1/2014
  • 11. A Thousand Flowers A single currency? You’re having a laugh. Money symbolises the way in which we are connected to strangers as never before. Paul Seabright (2005)
  • 12. The IBM Dollar If you don’t like their money, start your own. I look forward to a time when the successors to Bill Gates will have put the successors to Alan Greenspan out of business. Edward de Bono (1993)
  • 13. Identity is the New Money This is not a metaphor The electronic money world looks much more like the neolithic world economy before the invention of money than it looks like the market as we have known it in the past few hundred years Jack Weatherford
  • 14. A Country without Cash Case Study Reputation substituted for money, social capital substituted for financial capital, identity substituted for cash The “personalised credit system” could substitute for cash because of the local nature of the circulation. Antoin Murphy (1978)
  • 15. Tomorrow’s Transactions: thought leadership from Consult Hyperion Read www.chyp.com/media/blog Listen www.chyp.com/media/podcasts Visit www.chyp.com Contact info@chyp.com Follow @chyppings Thank You Consult Hyperion has helped some of the world’s leading organisations to make the right technical and commercial choices within and around smart, mobile, contactless transactions, including retail payments, identity management and transit ticketing. Consult Hyperion is a trusted advisor adding product strategy, technical, regulatory, compliance and information security expertise into project teams within organisations considering deploying innovative new payment or identity services. 15 Version 1, 1-Jul-14 Please copy and distribute In January 2013, David Birch was ranked Europe’s most influential commentator on emerging payments and in August 2013 Wired magazine named him one of their global top 15 sources of finance and business information.
  • 16. One more thing… “Identity is the New Money” (LPP: 24th April 2014) 144pp paperback / ISBN 978-1-907994-12-8 16 Please copy and distributeVersion 1, 7/1/2014 Birch doesn't claim to have all the answers. What he has done is produce a bold, forward thinking book that grapples with weighty issues in a concise and accessible way. Retail Systems (May 2014).