Great recap Dave, and your posts are both fun and thought provoking. Given that we agree 80% of the time, I was trying to think of the top area where we disagree. I believe it is on the need for a replacement for "cards". While value exchange between trusted parties can be handled within a commercial agreement, most value exchange is not within a formal legal agreement. That is where V/MA come in.. it a legal structure where value is transferred, with defined rights, liability and support. All of this benefit comes at a very low cost in Europe (35/25 bps). The majority of eCommerce must run within this construct, this infrastructure has been built, and is supported by a wide array of specialists. Neither merchants nor consumers search for a 0 cost alternative.. Additionally there is very little need for "instant" speed... sure it would be nice.. but I don't want to pay for it or bear any additional risk.
Great recap Dave, and your posts are both fun and thought provoking. Given that we agree 80% of the time, I was trying to think of the top area where we disagree. I believe it is on the need for a replacement for "cards". While value exchange between trusted parties can be handled within a commercial agreement, most value exchange is not within a formal legal agreement. That is where V/MA come in.. it a legal structure where value is transferred, with defined rights, liability and support. All of this benefit comes at a very low cost in Europe (35/25 bps). The majority of eCommerce must run within this construct, this infrastructure has been built, and is supported by a wide array of specialists. Neither merchants nor consumers search for a 0 cost alternative.. Additionally there is very little need for "instant" speed... sure it would be nice.. but I don't want to pay for it or bear any additional risk.