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CRAFTED. | The Tech Podcast for Founders, Makers, and Innovators
Enough Putting Lipstick on the Pig: Why Moov Is Rebuilding Payment Infrastructure from the Ground Up. Featuring CEO Wade Arnold
Oct 17, 2023
Wade Arnold, CEO of Moov, is rebuilding payment infrastructure from the ground up. They discuss the limitations of current payment systems, the need for new low-level primitives in payments, and the role of AI in payment infrastructure. They also talk about the company's plans after securing series B funding and the interconnectedness of software engineering and the business case.
26:13
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Quick takeaways
- Payment systems designed for brick-and-mortar transactions are insufficient for the modern business world and need to be rebuilt from the ground up.
- Moov's embrace of developer communities and open source projects has become a competitive advantage in building low-level payment primitives and cultivating a brand associated with openness and giving.
Deep dives
The Complexity of Payments and Money Movement
Wade Arnold, CEO of Move, discusses the complexity of payments and money movement in today's landscape. He explains that the current payment systems were designed for brick-and-mortar transactions and are insufficient for the modern business world. The underpinning technology, built before the internet, does not effectively support new internet-based marketplaces or high transaction volumes. Arnold expresses the need for new low-level primitives and infrastructure to facilitate the new types of business cases that emerge. He emphasizes the importance of creating new plumbing and rebuilding the payment systems from the ground up.
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