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Cynical me reads this article as follows: Shit! We promised investors that Stripe will be the sh*t, the Global Payment Network. Now banks and regulators have w

Cynical me reads this article as follows: Shit! We promised investors that Stripe will be the sh*t, the Global Payment Network. Now banks and regulators have woken up and we are commoditised in India, Japan and EU. Sure hope FedNow won't follow suit. Sorry VCs. Please exit Stripe before it's too late.

ErrantX 5y ago
I respect Patrick and his content/judgement. So Hanlon's razor (and I don't mean that in a mean way to Patrick) probably applies. I assume there is a Stripe echo chamber which might explain the focus (I've read several of his money articles and most of them suffer from an incomplete picture). Also; I'm not sure Stripe and Open Banking are incompatible. Realistically it eases stripes integrations in the EU (Ive not checked if they are a registered payments provider under the legislation but I assume they must be). In addition; the thing that springs out of this article is how incompatible we are on a global scale. So there is a market there for them. In the end, SEPA for all it's faults drove European standardisation. Global legislation on that scale is not gonna happen (it's sort of a shame he didn't draw that conclusion)
ksec 5y ago
I expect UPI are like Japan's Suica where it basically dominate low value transition like transport, vending machine and convenient store. While Credit Card Based transaction will continue with those who wants credit and pay later type along with big purchase. EUR is sort of out side of these because vast majority of transactions has always been Direct Debit. Credit Card spending just isn't as much a thing. And they use Direct Debit for everything. They also have very good consumer protection in place so using a credit card for delayed payment ( in case of dispute ) doesn't happen as often compare to US. As far as I can tell there isn't a one size fit all solution to every one in the world.

ErrantX 5y ago

I respect Patrick and his content/judgement. So Hanlon's razor (and I don't mean that in a mean way to Patrick) probably applies. I assume there is a Stripe echo chamber which might explain the focus (I've read several of his money articles and most of them suffer from an incomplete picture). Also; I'm not sure Stripe and Open Banking are incompatible. Realistically it eases stripes integrations in the EU (Ive not checked if they are a registered payments provider under the legislation but I assume they must be). In addition; the thing that springs out of this article is how incompatible we are on a global scale. So there is a market there for them. In the end, SEPA for all it's faults drove European standardisation. Global legislation on that scale is not gonna happen (it's sort of a shame he didn't draw that conclusion)

ksec 5y ago

I expect UPI are like Japan's Suica where it basically dominate low value transition like transport, vending machine and convenient store. While Credit Card Based transaction will continue with those who wants credit and pay later type along with big purchase. EUR is sort of out side of these because vast majority of transactions has always been Direct Debit. Credit Card spending just isn't as much a thing. And they use Direct Debit for everything. They also have very good consumer protection in place so using a credit card for delayed payment ( in case of dispute ) doesn't happen as often compare to US. As far as I can tell there isn't a one size fit all solution to every one in the world.