The illusion of payment disruption

There has been growing discussion over the past few years on the new transaction rails, and how the Internet has disrupted payments just like other industries. Unfortunately or fortunately, the payments industry is not that easy to disrupt. Every serious attempt that has managed to garner some scale has ended up either enabling the legacy infrastructure or leveraging the existing infrastructure, merely becoming another delivery channel for the last mile. The challenge legacy networks have is not one of efficacy or even adaptability but is rather similar to the world’s busiest and aging airports. They cannot afford to shut down for a day, let alone months. The only solution is to keep bolting on new capabilities to the existing infrastructure, which while ensuring continuity also comes with its own set of disadvantages. This is where the new rails have an advantage in terms of being able to leapfrog to new technologies. Read more: