Dave Glazer
speaker
149 appearances
1 recordings
1 series
first heard Jan 2025
last heard Jan 2025
Dave Glazer’s voice in public audio — every appearance, attributed to the second.
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Appearances
It means maybe pay-by-bank and traditional retail opportunities like paying online or paying in a store at a retail location.
We don't really see account-to-account payments or bank account and faster payments happening at those locations just yet.
And we think there's a massive opportunity for that, as you've implied, Reid.
Where we do see most of the innovation and the activity happening is on what I call the non-retail side of the payments ecosystem.
Some people might call it the non-commercial side.
But these use cases around...
Skyler already mentioned payouts to gig workers, payments to utilities, loan payments, on-ramping and off-ramping funds into crypto or brokerage accounts, payments for your cell phone, payments for your electric bill, payments for your mortgage.
These could be individual person to business payments or they could be business to business payments.
And so that's where we're seeing most of the innovation happening right now across all account to account or pay by bank rails using the open banking tools that allow businesses and individuals to share their banking credentials easier, more seamlessly in a friction free way.
And so there's a much lower bar to enable those sort of business-to-consumer and business-to-business non-retail flows today.
And a lot of us are used to using our checking accounts for making those payments anyway.
It's just in the past we had to write a paper check or we entered our account and routing number after we –
you know, shuffled around in the drawers of our desk to find our checkbook and look for those account routing numbers to type them into a form somewhere, put them on an invoice that we got in the mail and send it back so that we could, you know, regularly pay our mortgage payment or our electric bill.
So we're used to those types of payments, but the onslaught of automation and new opportunities is going to be the modernization and digital transformation of those systems so that we can log into our platforms through these embedded financial applications for virtually every industry.
and pay with bank accounts.
The costs are going to be much lower than using cards.
And the friction around writing checks or entering account routing numbers is going to go away.
So the feeling of payments, making payments for even for these business payments, bill pay, et cetera, is going to feel more like,
taking an uber right where we just kind of get in the car and we get out and we never really made a payment so the payment experience gets becomes frictionless or seamless and and just disappears in these in these transactions now going back to your original question around you know pay by bank at retail yes that is a massive opportunity you know billions and billions tens of billions of dollars are transacted in the u.s uh at retail
And if there's one thing that merchants especially really are annoyed by is that 3% or more fee that they pay for card processing.
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