, 9 tweets, 2 min read Read on Twitter
My takeaway from Apple Card launch is changing form factor of payments. Samsung and Apple are taking card-not-present payment instructions mainstream and making it 2nd nature to pay w/mobile. This is critical if cryptocurrency payment methods are ever to go mainstream. >thread>
Apple Card & Samsung Pay both tokenize card payment instrument to enable card-not-present payment instructions. Means these payments run through the four party payments model. Payer still instructs his bank to make payment to payee's bank account, via payment system operator.
What's important about this is that payment cards first launched in 1950s and took this long to become almost universally accepted. In early days of payment cards there were numerous problems related to clearing and settlement, fraud, security, etc. This hindered adoption.
70 years later payment cards are widely adopted and the infrastructure to enable this payment instrument is widely adopted. It *only* took around 70 years for payment cards to become this widely accepted, with huge investment and capital deployment to get here.
Samsung and Apple are now getting into the payments business but not doing away with these payment rails entirely, they are using them initially but slowly transitioning consumers into a mobile-only payments world by first tokenising the card payment instrument onto mobile.
This will in turn drive adoption and deployment of compatible PoS devices that merchants and consumers become comfortable with over time. It won't happen overnight, but will likely happen faster than it took for payment cards to diffuse through economy.
Once mobile payment instruments are widely adopted and related infrastructure is in place to support it, it will be far easier for blockchain-based payment solutions (whether cryptocurrency, tokens, or other), to be adopted at point-of-sale.
Not only will PoS devices basically be more programmable to enable QR code / NFT invoices that are interoperable with different payment streams, but it will be extremely easy for Apple or Samsung to move off the four-party payments model onto a purely blockchain system.
For digital currencies to go mainstream, this evolution needs to run its course. That's how it will become possible to switch to blockchain solutions without consumers even knowing. End #BTC #ETH
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