If you think this is }^}+]^ing bonkers fifty years into the widespread use of credit cards and would like to perform an in-flight upgrade of (a fraction of) the global economy, https://stripe.com/jobs https://twitter.com/harisenbon79/status/1206396575452319744 …
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“What percentage is it Patrick?” I don’t think we quote it publicly but it is higher than your first guess.
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Credit cards are still extremely important infrastructure, and I’m extremely glad the world has them, but they’ve tolerated pre-computer levels of operational errors for far, far too long.
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A question I periodically find interesting: “What’s your best estimate of how many people in the world are working on X?” For authorization rates, I think it is less than a thousand, total. Credit cards process trillions with a T dollars every year.
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One of the interesting lessons of working at an infrastructure company is the tension between centralized and decentralized infrastructure. You might think e.g. “Ahh big federated network minimizes SPOF.”
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But plausibly a big federated network has 10k+ nodes which each see a problem costing them $1M a year and independently decide “Well that’s not worth putting an engineering team on.”
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End of conversation
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What are we considering an error here? I don't consider an issuer decline an error. My version of an error is duplicated clearing, presentment without authorisation etc. Different perspective maybe :)
Thanks. Twitter will use this to make your timeline better. UndoUndo
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