some of what you’re competing with:
- cash back and rewards 
- card that just works everywhere you see Visa/Mastercard logo
- virtual card that just works (Apple Pay)
- free transactions 
- the ability to reverse/dispute/refund transactions 
- the concept of credit 
- consumer habits built up over multiple decades

crypto

How to bootstrap crypto as a consumer-friendly payment method

When I joined Coinbase in 2014, my first job was trying to get merchants to accept Bitcoin payments. (I worked with @nick on this.)

Bitcoin as a consumer payment method didn't work out for a few reasons:

1. Clunky UX — after scanning a QR code, you had to send the exact amount of Bitcoin from your wallet; prices could also fluctuate during the checkout flow

2. Small user base — population of people with a bitcoin wallet was probably closer to 10M in 2014.

3. Lack of incentives — no incentive for consumers to overcome the clunky UX. Further, credit and even some debit cards offered cash back and points.

***

Fast forward 10 years, consumer adoption of crypto payments is still low. However, we have the possibility of significantly improved UX thanks to faster, cheaper and smarter blockchains, stablecoins, and at least 100M consumers with a fiat-connected crypto account.

What remains is the lack of incentives.

1/

How I would go about competing with credit / debit cards if I were USDC

How I would go about competing with credit / debit cards if I were USDC

https://warpcast.com/dwr.eth/0x4de5c76d

I like baking /goodbread and building apps on web3 protocols. DevRel @ ENS Labs. gregskril.com

If you have balances and ability to trade, some % will.

Yes, really only available for Coinbase and Circle at this point.

“You'll likely make money either with trading fees or, if you're a stablecoin issuer, the interest that you generate from increased circulation.”

- What trading fees if just processing USDC payments? Or you mean allow payments in any crypto and charge a fee on that swap to stablecoins done in the background basically?

- Interest makes sense for Coinbase/Circle but not for any business trying to build this infra on top, right?

growth @teller coming soon @clarity





























































hosting /kieran /usdc /loans 

Which are funded because of high interest loans and swipe fees from the issuing banks.

The answer is points systems. The proof is the travel industry and current credit card points meta.

you dont/you cant

ppl who use cards don’t worry about the issues associated with them (fees and back office settlement complications)

ppl buy on Pain, not on Gain

Western consumers have zero pain with cards, now that tap exists

if adoption is a goal look to places that don’t have CC/debit and hope they leap frog the tech

maybe by offering cashback or rewards programs tied to usdc payments 

(probably by leveraging yield from stablecoin reserves)

or increase transactions fees a bit to fund those cashbacks

BCard

I feel like something like /bcard can do well in this state. The fees are still there just routed partly to you so really best of both worlds.

There are rewards programs just in different forms, for instance...

My SOL memecoins TG bot i use gives me a portion of my referral trading fees 

Could do something similar?

https://t.me/solana_trojanbot?start=r-randy175276

Issue your own credit card, or develop some kind of consumer protection charge back system

Yield, afaik coinbase offers interest on usdc and eurc. This needs to be natively available in the wallet/smartwallet.
Better networking for accepting merchants, better incentives too. Everything else is not so big imo

Is this like a Block thing where the payment processing side (Square) can offer businesses lower tx fees, which could be passed on to the consumer (Cash App) as kind of a loyalty rewards in USDC?

This traditional finance has been a mainstream for many decades, society only know a brief of crypto adoption. 
Imagine what we can achieve in a decades from now? 
Its Mindblowing just thinking about it.

It seems that USDC indeed cannot handle the task of reversing disputed refunds.

Don’t you think that web 3 should have better incentives and rewards than web 2 , why copy them but rather adapt and make better. Idk feel like credit rewards are very meh in web 2 sense