Payments News

More Than a Token Effort

Nov 01, 2018

The nation’s two big card networks (maybe we should just start calling them payments networks) come in for a fair bit of criticism, particularly from merchants. Much of it is justified. But the fact remains they are pretty good at doing what networks must do: switching a great bulk of transactions between great swarms of payments parties so that buyers get what they pay for and sellers get paid.

They may be huge, lumbering systems slow on the trigger when it comes to innovation and a tad too keen to reward financial institutions at the expense of merchants, as the aforementioned criticism would have it, but they constitute the backbone of electronic—dare we say digital?—transactions here and much of the world. So they have an interest in safeguarding payments and in making them easier for consumers and merchants to initiate and handle.

Read the full article.