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What the Coinbase-Worldpay-Visa Glitch Tells Us About The Future of The Payments Industry

Hindsight, they say, is 20/20, and we learn every day that it is painful to know what could have been had we only heeded warnings, seen the signs, or had a little foresight. A recent glitch in processing cryptocurrency payments is like a juicy onion for payments geeks because it evokes so many rich payments-related discussions. But it will prove to be a prescient example of the kind of merchant dissatisfaction card associations and acquirers will face unless they seize the opportunity to upgrade processing systems immediately.

Visa’s Core Rules, and Product and Service Rules dictate how credit and debit cards branded with the Visa association’s logo can be processed for payment, and they are the umbrella under which nearly every business around the globe must operate. While most consumers (and many merchants) operate their entire lives without pondering the rules, assisting merchants in complying with them has been a large part of my life for the past eight years. Compliance with Visa/Mastercard rules/regulations is so important that we built it into the software we use to upgrade payments processing systems. ...

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