The hottest Payment Systems Substack posts right now

Sezzle stopped working with several online pharmacies after an investigation revealed they were illegal. This means those pharmacies can no longer process payments using Sezzle.
Many of these online pharmacies sell medications that may not be safe for U.S. consumers. They often have poor regulations and can provide the wrong or dangerous drugs.
By highlighting these issues, the investigation helped prevent fraud and potential harm to consumers. Removing the payment option makes it harder for these illegal pharmacies to reach American buyers.

EMV cards use chips and PINs for better security compared to older magnetic stripe cards, which are easy to skim and clone. This makes it harder for thieves to steal card information.
Skimming is when criminals capture card details to create fake cards, usually by using devices at ATMs or stores. With EMV technology, the stolen data is less useful since it's protected by complex cryptographic keys.
Even if someone hacks a card reader, they can't easily cash out fraudulent transactions because of built-in security checks that prevent misuse and create a paper trail back to the source.

The Federal Reserve's new service called FedNow will start on July 1st. It will allow people to send and receive money instantly, anytime, day or night.
This real-time payment system is much faster than traditional banking, which can take days for transactions to clear.
With FedNow, transferring money will take only seconds, making it easier for everyone to manage their finances.

Subscriptions are becoming very common, with people using them for content, services, and even physical products. Companies now have to adapt their billing systems to cater to these modern pricing models.
Mobile apps are a key part of daily life, and their reliance is increasing. Developers are using specialized tools to manage in-app purchases and subscriptions to streamline their processes.
Decentralized finance (DeFi) is changing how subscriptions work by allowing real-time payments and creating new opportunities for businesses to manage cash flow effectively.

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China's digital yuan operates on a 'possession equals ownership' principle, serving both individuals and companies with a retail path, different from other wholesale digital currencies.
The digital yuan does not compete with WeChat Pay or Alipay but complements them, ensuring privacy while complying with anti-money laundering regulations.
The dual-layer structure of China's digital yuan, centralized management, and measures to prevent disintermediation help minimize impacts on monetary policy and ensure balance in the financial system.

Different payment providers are constantly innovating and competing with traditional credit card schemes like Visa and Mastercard.
Building resilient payment systems involves anticipating and mitigating potential outages from third party providers.
Engineering payment systems correctly provides a better understanding of customer behavior and improves fraud detection capabilities.

The Central Bank of Nigeria issued a revised regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian banking industry to enhance customer due diligence and Know Your Customer processes.
The aim of the framework is to promote a safe and efficient banking and payment system in Nigeria by improving regulatory oversight.
The Central Bank will continuously monitor industry developments and offer further guidance as needed to ensure compliance with the regulatory framework.