the payments guy @knowpayments
I write about history, economics and technology behind payments | Working at a tech startup Joined December 2022-
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@PaymentsDive @LynneMarek Amount of payment fraud in credit cards is too less. It was over $100mn back in 1960s when every bank wanted to get into card programs. It only increased from then on.
Evolution of US Acquiring Processing in 3 Infographics. Credits: @FlagshipAP
Dee Hock explaining what business Visa was in, back in 1966. It was in the business of 1. Identification 2. Data exchange 3. De-Contextualization
There were also many closed loop systems that emerged with internet and mobile technologies such as Alipay, Paytm. Nowadays, startups such as ACI, Nuvei, Finix, Inai, Primer are offering acquiring as a service to full service acquirers. Image credits: Arkwright 7/7
In the 2000s, Payment service providers such as Stripe and Checkout provided capabilities to accept both card and non-card payment methods There also emerged merchant and marketplace aggregators such as Square, Shopify to cater to specific offline and online merchants. 6/7
Right from the early 1950's when merchants outsourced their card programs, first to independent T&E companies such as Diners/Amex and later to banks, Merchant acquiring industry has continuously evolved with the evolution of new technologies A thread 🧵 1/7
Interesting to see a transparent Interchange+ pricing offered by @finix for processing payments. This definitely saves hundreds of manhours spent by merchants in negotiating rates with PayFacs and Acquirers
@RSerna2010 @Visa @Mastercard @AmericanExpress @Discover Congratulations. Great to see startups like yours making a dent in the well entrenched industry. If one were to go with what @jkwade disclosed, then what you have accomplished so far is just incredible! x.com/jkwade/status/…
@truptinatu @dbkahn @jkwade @mtdelrosario Implemented Stripe Connect at our company. I can share non-tech inputs from a platform and merchant/user point of view on various aspects of it such as commercials, reconciliation, payout etc.
What these mean in simple terms: Identification - confirms the source of funds Authentication - validate the right to use the funds Authorization - verifies the availability of the funds Clearing - accepting the transfer the funds Settlement - actual transfer of funds
Primitives of a good payment system include 🎯Identification 🎯Authentication 🎯Authorization 🎯Clearing 🎯Settlement While systems like Payment cards had different mechanisms to implement each of them, Mobile based Realtime payment (RTP) systems collapses all of them into one
@jp_koning @Wise Ofcourse, the reason for delay in settlements via legacy infrastructure is primarily an economic one. Financial institutions have an incentive to delay as they benefit from float they get during remittance process. More so, when the customer is not paying any fees for the service
@jp_koning @Wise Wise is an exception that proves the rule, isn't? While I can't comment on Blockchain technology being used for payments, what I can say for sure is that legacy payment systems (Checks, ACH, Payment cards) are indeed very slow taking upto 2-3 days for clearance and settlement.
Did you know? Visa cards start with "4" Mastercard with "5" Discover with "6" A travel and entertainment (T&E) card with a "3" and hence American Express with "37" and Diners Club with "38" Quite incredible how card schemes managed to have the same convention globally!
@mtdelrosario That could also be the case. But card networks can always incentivise merchants to adopt newer terminals by lowering Interchange fees. Infact, Visa did offer special Terminal Interchange Reimbursement fee to push merchants to use POS terminals instead of phone Authorization!
Payment card technologies differed across countries due to the underlying infrastructure. While Europe started using Smart/Chip cards, US continued to use Magnetic stripe cards for a long time as it was much cheaper to process transactions through telephone connections in the US
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