Stripe is expanding JCB support: https://stripe.com/blog/jcb-expansion … Some brief thoughts:
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Payment methods evolved internationally and ended up with different national/regional equilibria. In the US, cards and checks. In Japan, JCB is massive in the card market, which grew slower in comparison. In other countries, push-based or pull-based bank transfers are common.
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The fractal complexity of this (down to payment mix being different for various segments!) makes being a payments nerd really interesting. Businesses are less amused, particularly when they start doing business internationally. They want a money button. Push button. Get money.
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If you are selling goods internationally, you are thrilled to support users in Japan, interfacing with them through the Internet, delivery carriers, and other networks which expose a local API to you. You don't have to know about Sagawa Transport to successfully FedEx me.
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Payments, though, tends to expose a customer's local complexities to your business. Your customer, quite sensibly, doesn't see this as an imposition. They just want to give you money, in the way most convenient to them.
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Stripe is trying to innovate to present all payment methods loved by users, like e.g. JCB, to all businesses, while radically decreasing the amount of toil businesses have to go through to support payment methods at the margin.
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Historically, a new payment method means separate underwriting. Separate funds flows that your accountants have to work around. A state-machine-of-doom on the backend dealing with slight differences in how payment methods operate. Duplicative admin screens to e.g. do refunds.
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There's got to be a better way to do that. It won't arrive in a thunderclap. It is going to take patient engineering work, financial partnerships, regulatory suasion, etc etc, executed over years. We're in this for the long haul.
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A fun thing we did recently: Checkout now guesses which payment methods a user would probably find most relevant. This lets you not waste screen real estate presenting literally every payment method in the world, and just surface the ones a user probably wants. Conversions++.
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Patrick McKenzie Retweeted Patrick McKenzie
"How many payment methods are there?" Just scoping this to what a single Japanese convenience store has to support, take a look at this logo wall: https://twitter.com/patio11/status/1169540753661419521 … It's *many more than that.*
Patrick McKenzie added,
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