Payments SmartCast The Story of Payments
Nov 16, 2020
Rich Oliver, a retired payments executive with deep insights into U.S. payment systems, pairs with George Warfel Jr., a fintech strategist intrigued by the social aspects of payment innovation. They delve into the history of payments, tracing their evolution from barter to digital currencies, while discussing the critical role of trust. The duo shares insights on modern trust challenges, the rapid technological changes in payments, and future trends like identity verification and mobility-driven transactions. Their reflections offer a thought-provoking view on how trust shapes the landscape of payments.
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Payments Began As Social Solutions
- Payments evolved from social solutions to human needs, not from technology first.
- Trust symbols (like shells) enabled deferred exchange and expanded commerce.
Social Security Checks Stolen In Mexico
- Rich recounts large Social Security check thefts in Mexico that spurred cross-border ACH efforts.
- That operational problem drove a trust-building, technical solution with the Federal Reserve.
Trust Drives Adoption, Not Tech
- New payment methods fail without trust and broad adoption campaigns.
- Early credit cards required merchant and consumer education before they became mainstream.
