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Insights

Analysis of alternative payments: instant account-to-account schemes, open banking, and the architecture underneath them.

LATEST INSIGHT

Visa is selling the rulebook without the rail. The question is, who will pay for it?

Visa’s UK account-to-account product is the card rulebook detached from the card rail. The public rails wrote rules for fraud but not for commerce, and the UK is now pricing three answers to who pays for the rest.

11 SEP 202616 MIN READ93 SOURCES
Hand-inked illustration of a signal box with a single red semaphore arm standing beside a plain double-track railway line in open country, with two more signal boxes at earlier stages of construction further along the same line and a small goods train passing untroubled in the distance. A visual metaphor for a card network selling the rules for what happens when a payment goes wrong, on a public rail it doesn’t own, alongside two other schemes building their own version of the same thing.

Credit is coming to public A2A payment rails, but not in the way fintechs hoped for

Credit is reaching UPI, Pix and Wero. A Wardley map of the three rails finds it arriving unnested, with a licensed lender holding the risk and the rulebook being written by the rail owners, rather than as the fintechs’ private credit on public rails.

09 SEP 202612 MIN READ54 SOURCES
A placeholder line illustration of a telescoping rail with one section drawn clear of it and resting on its own cradle, in the site’s brand palette, standing in for the finished hero illustration described in hero-prompt.md.
LATAM

LATAM’s wallet forecasts measure the button, not the rail

PPRO’s 2030 forecast splits Latin America between wallets and bank transfers, and read against Worldpay’s funding-mix data the split measures who owns the checkout button rather than which rail moves the money.

02 SEP 202612 MIN READ22 SOURCES
A cross-section illustration: shoppers pay at a row of market stalls with card terminals at street level, while beneath the pavement a metro train runs through a tunnel and a large pipe with a valve and gauge carries flow under the same stalls. A visual metaphor for a checkout whose payment rails run out of sight underneath it.
CROSS-BORDER

Europe’s biggest cross-border corridor, counted in purchases, doesn’t run between European countries

PPRO’s Europe→Europe almanac shows China as the top origin market on every corridor page, and the corridor it reveals runs on Europe’s own local payment methods.

29 AUG 202611 MIN READ32 SOURCES
A container ship anchored offshore while small local boats ferry its cargo through a canal lock into a European harbour town, a visual metaphor for Chinese e-commerce volume reaching European shoppers through Europe's own local payment methods.
RESILIENCE

The summer offline payments got serious and became a requirement

Sweden switched on offline cards, the digital euro’s offline requirement entered trilogue, NPCI was reported to be building offline UPI at the point of sale and Brazil put offline Pix on its agenda, inside six weeks.

17 AUG 202612 MIN READ33 SOURCES
A town water tower feeds warmly lit streets at dusk while the pumping station behind it sits dark, its reserve gauge showing a bounded supply. A visual metaphor for offline payments, where a finite, pre-positioned float keeps an economy paying for a bounded week while the connection to the core is down.

Mastercard isn’t retreating from UK payments. It’s pricing the rail.

Mastercard’s reported sale of a majority stake in Vocalink is being read as a sovereignty story. Vocalink’s own accounts explain the flat price better than any strategic reading does.

02 AUG 202610 MIN READ25 SOURCES
Illustration: two robed keepers exchanging a large iron key at an old canal lock, whilst cargo barges pass through a newer, wider channel cut around it.

The EPI blinked on Wero’s disputes model, moving the “when,” not the “who,” that carries the risk

Wero’s merchant milestones are real, and the disputes model is the sticking point. July’s concession moved the dates, and the harder compromise is still to be designed.

27 JUL 202610 MIN READ27 SOURCES
Engraved illustration: traders relettering the signage of a covered market hall while shoppers pass through.

Open banking payments finally have a price. That was the hard part.

UKPI’s June launch is the trial, and January’s FCA and PSR pricing forbearance was the unlock. A scheme-set access fee is what turns compliance-grade rails into commercial-grade ones.

06 JUL 20267 MIN READ14 SOURCES
Engraved illustration: an engineer fitting a brass valve to a large pipe in an open trench beneath a terrace of houses.

Under Wero, a mature payouts capability deepens the moat already there

A scheme that never touches the money also cannot reverse a payment, which moves the contest to the return leg and to whoever can already run it.

05 JUL 20269 MIN READ8 SOURCESPART 2 OF 2
Hand-inked illustration of a canal boat lift hoisting a barge back to the upper level beside a one-way weir, worked from a small operator's cabin on the bank. A visual metaphor for a payment rail that only runs forwards, and a return path that has to be built and operated alongside it.

Wero is the scheme that never touches the money

The EPI keeps the rulebook, the brand and the dispute layer for Wero, and hands settlement entirely to SEPA Instant and TIPS.

05 JUL 20266 MIN READ3 SOURCESPART 1 OF 2
Hand-inked illustration of a lock-keeper's tower controlling a canal lock by levers and signal boards while a barge passes through the water below. A visual metaphor for a scheme that governs the rulebook, the brand and the disputes while the money settles on rails it never touches.

The last mile is a habit, not a network

Wero has built the network, and the path into everyday habit is the part it still has to earn. Pix, UPI and iDEAL show what manufactures it.

18 JUN 20268 MIN READ10 SOURCES
Engraved illustration: a worn footpath and a new paved road running side by side toward the open gate of a walled town.