Future Money: Virtual Currencies & Deposit Accounts, and their Implications for the Financial Services Industry
Ron Galloway, Author & Director
Session Description
In the last 10 years, technology has enabled rapid changes in the very nature of money; how it is stored and how it is perceived. PayPal users have billions of dollars in their accounts that may never pass through the traditional banking system, but that may be used to purchase goods and services through a Visa Debit Card. The new Wal-Mart Money Card is de facto the long awaited “Wal-Mart Bank.” i.e. it is a deposit account in all but name, with all the functions of a traditional bank account absent paper check writing. AOL founder Steve Case is launching the Revolution Card, a PIN-based card payment system that users may store up to $15,000 for use in their financial lives. Flyer miles, Microsoft Points, gift cards, and brokerage soft dollars are all alternative currencies that may be freely traded for goods. Huge markets are being created in the MMO game universe, with “World of Warcraft Gold” and even “Star Wars Galaxies Credits” having a definable value against the US dollar. The common thread running through the above products is their end-run around the traditional banking system. What is the impact of these existing products on the banking industry, and what other “virtual money” is on the horizon? Join Ron Galloway as he explores the brave new world of “Future Money.”
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About the Speaker
 Ron Galloway writes and makes films about business and technology. He is the writer/director of “Why Wal-Mart Works,” the provocative business documentary about the world’s largest corporation which had its premiere inside the U.S. Capitol Building. He is the author of the upcoming “Future Money,” a book about virtual currencies and payment systems, and is a financial columnist for the Huffington Post, one of the most popular news sites on the Web. He has appeared on CNN, CNBC, and, MSNBC, and has been written about and quoted in the New York Times, the Washington Post, and the Wall Street Journal. He enjoys public speaking and has lectured before nearly 100 state and national financial organizations.
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