The Wyre Team is in a unique market position, serving as a bridge from the traditional payments ecosystem to the Wild West that is cryptocurrency. Today, we sit down to discuss key trends in payments, offering insight around the connection between spending and identity and introducing our new Wyre Widget to facilitate device-based payments.
Here at Wyre, we’re in a unique market position, serving as a bridge from the traditional payments ecosystem to the Wild West that is cryptocurrency. And we spend a lot of time on the podcast getting granular about innovative crypto projects and blockchain technology, but we have yet to focus our attention exclusively on the payments space. Until today, that is!
On this episode of Wyre Talks, we’re discussing key trends in the payments industry over the last five years, digging into the rise of challenger banks and how regulations have influenced the evolution of the space. We introduce the concept of strong customer authentication (SCA), explaining how it’s creating a liability shift from merchants to banks, and explore the slow pace of regulatory change in the US as compared to Europe.
Jack weighs in on the brilliance of WeChat Pay and China’s influence in the realm of device-based payments, and we look at the anticipated timeline for widespread adoption of contactless value exchange. Finally, Michael weighs in on the way hardware providers are hedging out of chargeback risk through biometric authentication and the telling link between payments and identity. Listen in for insight around how companies like Apple and Google are well-positioned to enter the crypto space and learn how that reality informed the launch of the latest Wyre Widget.
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[0:26] The top trends in the payments industry over the last five years
[6:18] How much recent changes in payments have been driven by the regulatory landscape
[8:21] The concept of strong customer authentication (SCA) and how it’s creating a liability shift
[14:38] Why regulatory change in the US is so much slower than Europe
[21:35] The brilliance of WeChat Pay and China’s influence in the realm of device-based payment
[24:52] The anticipated timeline around widespread adoption of contactless payments
[27:38] How hardware providers are hedging out of chargeback risk via biometric authentication
[31:52] How fraudsters are likely to respond with deep fakes and pump schemes
[35:34] The link between payments and identity
[40:04] How Apple is positioning itself to enter the crypto space
[45:20] The new Wyre Widget product and how it fits into the crypto experience
[52:57] Michael and Jack’s insight around the next iteration of payments