I posted this today and right after I had a bit of a… Moment.
A few years ago this would have never been possible. 10 years ago, it absolutely wouldn’t have been possible.
When I say, possible… I don’t just mean real-time or faster payments in general because those are possible. VISA / Mastercard / The Fed / Shazam all have fast rails and there are no shortage of closed loop systems that are fast. I also don’t mean exchanging value in real-time on the internet.
I mean the real-time movement of government issued currency through regulated financial institutions without using anything but the internet.
No cards. No chips. No 16 digit numbers. Just the internet.
Financial Institutions have even become an active participate flipping the script.
What is so dramatically different in this next iteration of payment networks is:
- HTTPS first.
- Security as math.
- No 16 digit card numbers
- No abusable static account numbers.
- No physical card.
- Tokenization at the network and bank level.
- The network doesn’t live anywhere.
- Designed to be open and joinable.