Base

How’s this not the biggest crypto unlock of the year? @base and Square need to partner up on this.

Face ID -> NFC Tap -> Xfer USDC

2.75% saved for small merchants. 

Goodbye Visa. Goodbye networks.

How’s this not the biggest crypto unlock of the year? @base and Square need to partner up on this.

Face ID -> NFC Tap -> Xfer USDC

2.75% saved for small merchants. 

Goodbye Visa. Goodbye networks. 

https://9to5mac.com/2024/08/14/apple-nfc-chip-iphone-ios-18-1/

Consumers get 1-3% cash back when they use a credit card. And chargeback protection.

Chargeback protection is for merchants; I think you mean dispute rights here. Crypto can replicate the cashback and dispute rights if they charge a service fee; realistically, crypto processors charging no service fee will never happen (?).

So the real question is whether that crypto processor fee will be materially less than the traditional CC processors - the trads have enormous economies of scale, and have a massive headstart on capital investment, and so can manage with a lower operating margin now.

Another, more likely possibility: service fee to merchants will be the same, but the rewards to customers will be higher for using a crypto-backed card. Which makes sense, because I don't see merchants caring what cards are supported provided the service fees are less than or equal to VISA/MasterCard.