Banks should start extending their payment networks to not only move money but also transaction documents (receipts, tickets, digital goods, etc) and identity information.
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This is perhaps a little harder to picture if you are used to American banks (which tend to be… old school), but doesn’t seem too far off if you are used to European banks.
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Now that my card provides a way to deliver transaction information, banks can extend it with a loyalty scheme platform. Buy something at a store, enroll in their loyalty scheme through your banking app, and automatically receive points/discounts the next time.
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Automatically receive 5% off from the store if you pay somewhere a second time this month with your debit/credit card. Collect points to reach a membership level. Get the 10th coffee for free.
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Banks are most people's store of funds and thus hold the keys to the kingdom. They are in the perfect centralized place to enable this. And it’s in their interest to increase their usefulness/competitive moat, before another platform (Alipay, WeChat, Paytm, Venmo) swoops in.
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I’m impressed by Amex’s integration of the Square receipts. Hopefully it’s a pilot that will make it into the network specificationpic.twitter.com/JGYeFDWnmE
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