In this presentation, Sujit "Bob" Chakravorti discusses how new entrants are disrupting payments. Specifically, he looks at how FinTechs are finding opportunities leveraging new technologies and Big Tech firms leveraging their large user bases. He also analyzes the role of the public sector as a provider and regulator. He differentiates between unintermediated funds, intermediated funds and turnpike funds transfer systems. He looks at lending based on payments data and cryptocurrency. He concludes with some policy recommendations.