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For example, in the retail world issuers and merchants run into a brick wall when trying to enable acceptance of a new form of currency — like loyalty points — at the physical point of sale. Payments are often described like the Tower of Babel, with disparate platforms trying to talk to each other without speaking the same language.
Driven by faster phones, ingenious apps and sheer market force, the move to instant is pushing the boundaries of what’s possible with payments, opening up new worlds of risk and reward. It’s been definitively shown that businesses and individuals will pay reasonable fees or percentages to receive their funds instantly.
And that is the very tricky, very nuanced, but very important – part of making these very complicated multisided platform models actually work as real businesses rather than a venture funded experiment that is destined to fail. Then there’s Pink, who also has a song called “Free.” “ I just wanna be free ,” she sings.
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