MoneyGram: Bitcoin Will Fail to Disrupt Remittances

Peter Ohser, moneygramAbout halfway through the conversation at Money20/20, discussion turns to Kodak.

It’s not without merit. The photography giant once boasted more than 145,000 employees and $16bn in global revenues, but its empire all but crumbled due to rise of digital photography. To digital currency proponents, this shift has been held up as an example of what happens when incumbents fail to innovate when new technologies lead to the creation of new behaviors.

In the face of tech that enables value to be sent at a low cost across national borders, industry supporters have long argued remittances are the first and most obvious area for disruption, and that industry giants like MoneyGram and Western Union will be among the initial firms to see bottom lines impacted.

For all the capital deployed against this thesis, Peter Ohser’s level of incredulity when faced with this possibility is a bit surprising. The executive vice president of business development at global remittance giant MoneyGram has heard these arguments before, but feels digital currency doesn’t pose any threat or solve pressing problems.

“If you could actually leverage [bitcoin] the way people want, we’d be there,” he

Read more ... source: TheBitcoinNews