The Vergecast How money and payments have become social media
Aug 18, 2020
Join Lana Swartz, an assistant professor at the University of Virginia and author of 'New Money,' as she discusses how payments have evolved into social media. She explores the historical connection between money and communication technology, and the rise of digital currencies. The conversation delves into consumer behavior shifts, corporate currencies, and the impact of Bitcoin on traditional methods. Swartz also touches on how the pandemic has reshaped our social and economic landscapes, showcasing the significant role of payment systems in everyday life.
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Money as Media
- Money acts like a media form, mirroring communication technologies.
- Think of paper money as print media and Venmo as mobile media.
ACH Network
- The ACH network, run by the government, facilitates inexpensive check and electronic check clearing.
- Many fintech companies use ACH for underlying settlement and clearance.
Check Cashing Challenges
- Cashing checks used to be difficult due to physical transportation.
- Checks sometimes traveled long distances between banks, increasing costs and time.
