The big idea of, 'Hey, I can pay anyone, anywhere, with whatever digital wallet they have, and it just flows around the Internet' - that's on the horizon; that's how we built everything we do.
Swipe fees have increased steadily since the introduction of debit cards 20 years ago, when there were no swipe fees at all. Merchants can't negotiate or control them. They've tried, but they have no leverage against the big banks and issuers. So they get ignored.
We don't think there is any money to be made in payments anymore. The entire business model of extracting a toll or having time delays around the movement of value is going away completely.
Banks can send big corporate payments through existing channels or send a small payment through Ripple. They don't have to rip out existing infrastructure; they can use Ripple to make the transactions more profitable or more efficient.
XRP is a digital asset that exists on the XRP ledger, one of the open-source products created by Ripple. XRP is a pivotal component of the Internet of Value, since it solves a key point of friction: the pre-funding of nostro/vostro accounts necessary to facilitate cross border payments.
The part of Stripe that I've always found most interesting is the idea of facilitating new commerce that wouldn't otherwise happen. Payouts is turning out to be a big part of that. These new networks are efficient, intelligent replacements for offline behemoths.
I think Twitter is the future of communications and Square will be the payment network.
One third of the economy goes through 'QuickBooks' in terms of businesses invoicing other businesses. Each invoice contains a connection between vendors, suppliers, and customers, and also the price of that connection. Representing the payment graph is huge opportunity and something no other company can do.
Payment systems are critically important for overall market stability. On a typical business day, U.S. payment and settlement systems settle transactions valued at over $13 trillion.
If bitcoin is more expensive or slower than traditional financial systems, people aren't going to use it.
The Openbucks Gift Card Payment Network taps into a whole new market of consumers that either by choice or due to limited resources may not have been able to previously buy goods online.
Customer-driven innovation was at the core of Intuit's first product, 'Quicken,' and it continues to guide us as we look to solve new problems in areas like mobile payments. Products like Intuit 'GoPayment' and the IntuitPayment Network are helping small businesses get paid faster, keeping cash flow strong and their business healthy.
Bitcoin has the potential to destroy credit cards and banks as we know it. Maybe that is a good thing or a bad thing, but I like the idea that if someone needs to remit payments, they can do it without being gouged.
