#26 - Who Protects Your Payments?
These days, there are so many innovative ways to send money.
But the story behind how your money moves safely from Point A and Point B and how companies build new apps to help you do so isn't nearly as simple as it looks.
This is the story of your money. How it moves, who protects it and the careful balance between keeping your money safe and allowing for new apps and ideas. And - we discuss a new federal government plan and how it could seriously harm this innovative system.
- 1:35 - What is a "payment?"
- 2:45 - What is a mobile payment?
- 3:26 - Payments over the past 100 years
- 9:05 - Who supervises payment companies?
- 10:20 - How do so many new companies get involved in payments?
- 11:40 - What happens to your cash if a new company fails? How is the American system different?
- 13:57 - Can the federal government effectively supervise payments companies?
- 15:45 - What are the consequences of a centralized supervisor for payments?
- 16:28 - Is a federal payments charter legal?
- 17:58 - The OCC tries to ignore a court decision