Uncategorized

Engadget: United States credit card system begins complete overhaul in the next 18 months

http://www.engadget.com/2014/05/08/us-credit-cards-chip/?ncid=rss_truncated

I was examining payment innovations while working in consulting about 3 years ago, and it hardly surprises me that the US is such a laggard. Our payment landscape is owned by Mastercard and Visa, and monopolies create problems, as I’ve said before. In fact, the cynic in me says the timing, while probably affected by the data breach noted in the article, is probably orchestrated by Visa and Mastercard. Though it’s clear they’d want to avoid spending money, now would be a perfect time to throw a big bill at the feet of their disruptive competitors. Honestly, though, it won’t stop progress. I honestly think overturning the bipolar monopoly in payments will do more for advancing technology in the economy than any other monopoly we have to deal with…telecom comes close, admittedly.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s