FinTech Fridays | Credit Card Competition Act Hits Road Block | Buy Now Pay Later | Wells Fargo Zelle Fraud | B2B Vault: The Payment Technology Podcast

Hey, what's up everybody? It's Justin live from B2B Vault, the payment technology podcast sponsored by Nationwide Payment Systems with your host Allen Kopelman, and we'll be providing you educational information about small business, fintech, payment processing, and the technology businesses are using in today's world. And today is none other than Fintech Fridays where we go live. So thank you to all the listeners who are tuned in. Those who have not yet tuned in, you're missing out. Uh, yeah, so, uh, today we're going to be talking about some the stuff that's just in the news regarding fintech. So financial technology, uh, is the premise of the show. Um, we touch on all things fintech, and Fridays are dedicated to that specifically for stuff that's in the news, updates, exciting things, things that we want to talk about, whatever. And, uh, so there's a few, uh, items on the list today, and, uh, we're gonna start up with the buy now pay later frenzy, I guess. I mean, it's everyone— I can only imagine, uh, with the holidays coming up, how many people are gonna— are already like head over heels in debt.

Yeah, it's crazy. They were talking about in the news today, so I was— I get a lot of emails, you know, with financial technology news, and they come every day. And today was crazy. There was at least 10 articles, plus there was a news story every day, and it was all driven about buy now pay later, talking about how, you know, Square has buy now pay later, Shopify has buy now pay later. Then they were talking about the— they were talking about Congress calling all the buy now pay later companies into the Congress to to talk to them. And then MasterCard came out with the whole thing about buy now pay later and how banks can like attach— are gonna be able to attach that to like your specific credit card. So let's say you had a MasterCard from whatever XYZ Bank, they could offer buy now pay later and then somehow offer lower, you know, maybe a lower interest rate or something on those purchases. But one thing for sure is that interest rates are going up. The Fed has raised the interest rates significantly. I get letters in the mail from every credit card I have. The interest rate's gone up, going up, going up. Oh yeah, every, every month it's going up. And one of my credit cards, it had like a 4%, then it was 7%, now it's like almost 11%. And I saw another one that was like 27% or 28%. I was I was like, what? That's crazy. Yeah, the interest rates is going through the roof. And also the FTC has stuff to say about buy now pay later, and that the terms and conditions that you're agreeing to, it needs to be more transparent.

I mean, from experience, it's kind of vague. Not even kind of, right? Like, I accidentally because I have my stuff saved in, you know, Google Pay, right?

Right.

So Shop Pay is connected to Google Pay, right? Right.

So yeah, that's the Shopify payment engine, whatever.

But that was— I don't know if I was on a Shopify website or not, but I was using checking. No, it couldn't have been a Shopify website, it was for a major clothing, some company. Anyway, so I clicked the thing and I accidentally Instead of said pay now, I clicked the, uh, pay in 4 installments, right? And when you click that, if you click next, there's no going back, right? You know what I mean? There's no going back. But all of a sudden, like, you know, your screen just has this little, you know, it's just rotating or whatever, loading, and then the next thing it says Congratulations, blah blah blah.

Yeah, because you probably already used the service once before, so your info was—

yeah, I was already ready to go, right? Locked and loaded. But I didn't want to— it was only like $30.

You know what was crazy? I was on Amazon buying the item, like it was a snack for Rocky. I was buying that, and then I was— and then all of a sudden popped up out of nowhere was, oh, do you want this PayPal paying for, right? And it's for a $17 item. I mean, that's a little—

yeah, well, my, my thing is what I was getting to was like the way it doesn't— you get a delayed email from them about the payment installments. Yeah, first of all. And then that's it.

Well, that's why the FTC is all over them saying that they're not being transparent. Like, is it free? Is it not free? Is there because are there hidden charges? Like if you don't make the payment on—

yes, there's charges, right?

But I'm just saying they're not being transparent in the— in their advertising is the point. The point that FTC is making, you know, the Federal Trade Commission.

I mean, you ask all the time, how are they making money?

They're losing money every time.

I just can't— I don't get it because your, your total doesn't change, right? Like if you look at when you go to check out, like I've been experimenting with it to see, like, well, not everyone—

they charge the merchant for doing that. So they might be charging the merchant. I saw one company was charging— I saw one client of ours that we just picked up, they had sent me over, they switched to us from Square, and then they said they didn't like Square because when people were checking out on their website, they had the option to do Afterpay, right? And then people were doing it and they sell a very inexpensive item, but the website was kind of like— they went to their website and it was kind of like what you were saying. It kind of like prompted them to do it.

Oh, it definitely—

and then they didn't know that they were paying 6% for that, the merchant. I was like, 6%? That's like—

that's how they're making money. So they're charged the merchant, right?

But that's more than double.

But so they would have had to have agreed to that though, right?

But the merchant didn't understand what it was. So they showed me their statement and I said, yeah, you see these transactions over here, they, they charge you 6% for those. The guy's like, what? Because I wonder why my rate was through the roof. And then he went to his website and it was like almost like encouraging people to do that.

It definitely does.

Yeah, like I was on Amazon, I was telling you, all of a sudden this thing popped up spinning around off to the right and it's right by the checkout button. Right?

I mean, if you go for like— and it's not on higher ticket items though. No, like now that I saw it, like, go to look for like a something for your wife or something, right? You know, no, that's not—

I said now Afterpay for the holidays is introducing something, make 12 monthly payments. I think that's cool. Yeah, but I think that's a little brutal and could get people in trouble.

I mean and also monthly payments, depending on the, you know, well, you get a $1,000 item and then you're paying $80 a month. That's not bad. But I'm just saying that if you can do that, like, Sienna, my daughter, if you're listening, you can't afford it.

You can't.

So stop.

No, but it's a problem, you know. If, if you're on the, if you're on the live feed and you want to ask a question, we have the comp, you can leave a comment and we'll answer the question.

Absolutely.

So they're on the warpath with this buy now pay later. I don't know how some of these companies are staying afloat. I see where Affirm, Afterpay, this company, that company posting losses, $10 million, $20 million. I don't know how they can lose so much money. But I also saw in the same story when they were talking about buy now pay later on ABC News, they were talking about that credit card delinquency was up. And then I saw another article in one of the news feeds and they were talking about how credit card delinquency, you know, delinquency and people paying late, not paying at all, right? Chargebacks are up, not just on e-commerce but also in the card-present retail. So people actually go into the store, right? And there's chargebacks coming in on that. And that's kind of unusual that people are doing a chargeback on a card-present retail transaction, right?

Right.

That's a little crazy. But they're doing it. So that's, that's kind of a, that's kind of an issue. So that's a big, big issue.

And then the other thing, what's, what can they, what can they do to nothing?

The merchants need to be aware. Merchants need to be aware of chargebacks. Today I just had a client, they contacted me, oh, we got like 10 chargebacks. So I looked at them all and 1, 2, 3 of them said no authorization. They were all card present. That's just somebody doesn't want to pay their bill, or it could be coming from the bank, we don't know. One claim, duplicate processing. Now that's like a huge scam, right? Duplicate processing is like a big scam. So somebody will go— and this was a scam like 15 years ago— people are still doing it because no, no, but it's coming back because it works. I saw it like lull out. But now all of a sudden I see it's back, and it—

and I really don't explain what it is.

You don't want me to explain it?

I don't think so.

What, duplicate processing?

I mean, you don't tell people how to do it.

Well, no, I don't want to. Well, I should tell business owners they should be careful, right?

This is—

we're educating business owners, right?

Right.

So let's just say Customer A comes into the store and they purchase, um, a laptop. We'll just get—

I was gonna say TV, right?

Something expensive.

Yes.

They're not going to do it for something cheap, or they'll do it a lot in bars and restaurants, right? So like in a bar, they'll buy like a— let's say they're getting bottle service, right?

And a table.

And a table. So they'll go and say, oh yeah, I want that, uh, that bottle of, uh, Ciroc. Whatever. What's— I don't know, what's a fancy vodka?

Ace of Spades. Well, Ciroc, you can't go wrong. Shout out to Diddy.

Yeah, what's another one? What's a famous, like, tequila? Some expensive tequila.

De Leon.

Cabo Wabo. I don't know, that's the—

that's the San Diego tequila guy. Whatever.

They get an expensive bottle of liquor, right? Yes. So they get it, go to the table, it's $1,000, boom. Then the guy says, oh, I want another bottle, right? They ring up a second bottle, even though the same bottle of liquor, right? He— the guy leaves the exact same tip. Now I tell my clubs, change that. Make it a penny difference, a dime difference, something like— do not do that.

Give them a discount.

And even if they—

if they're buying two bottles, if I was a club owner, I'd give you a discount, right?

But even sometimes they don't do it, and the guy has two bills, let's say, for $1,000. Plus tips. So let's say $1,200, and he has 2 tickets and they're like an hour apart. Boom. Most likely the person's bank is going to issue a chargeback going, oh, it's duplicate. Or the person will see it's duplicate because they're just going to see the charge on the same day. They don't see the timestamp, right? So you need to send in both receipts for the chargeback and explain, hey, these were done at 2 different times. I know, and that— but I see like that scam is like popped up again a lot. I even saw it in a, in a, uh, I saw it in a restaurant recently, a couple restaurants where somebody paid, somebody, you know, paid for like they had a bar tab and then they had a food tab, you know, they closed out their bar tab and then they went to the table and ate food, right? And then they tried to say it was a duplicate. Was this clearly two separate tabs? Well, yeah, two different amounts at two different times. Well, but they're trying not to pay their bill. And scammers, right? And I've seen it in retail stores too. Like, people go in and buy shoes. We have a shoe store, and somebody went into the shoe store, bought shoes, then they bought more shoes, then they tried to say it was a duplicate., and it wasn't. The store had a POS system, so they showed what they clearly bought. So that's definitely like— chargebacks is definitely like— and I, I said this in another part, I said this in several podcasts recently. Credit— the Visa, MasterCard, Amex, Discover— when they, they made everybody get the chip, if the chip is processed, you should not be sending out a chargeback letter. You want to send out a retrieval request asking for the receipts? Okay, great, send out a retrieval request. But these chargebacks coming in for chipped transactions? No. And then I heard that, you know, the other one is, oh, this person tried to say, oh, I didn't use my app, I didn't, I didn't mean to wave my phone over the machine, right? Okay, that's BS, right? You have to take your phone right? You either got to put in your code or you got to do the face thing, right, to open your phone. Then you got to go to the wallet, open the wallet, then you got to click the button on the side, right, to okay it. And then you got to put your face or you got to do the code in there, or a PIN code. So, uh, Visa, MasterCard, American Express, Discover— we're pressing the bullshit button on that, right, Rocky? Rocky's going, yep, press the bullshit button. The bullshit button is pressed. That's no way. The bullshit button, we're pressing it on that. So that, that's not gonna fly. But business owners need to be aware that this stuff is happening and be aware of it. And then Zelle, this is just non-stop. This lady, Elizabeth Warren, Now I don't want to make a joke, but she's on the warpath. You know, be careful, Fred Laylee. I won't make a joke. Don't. And so she pointed out yesterday in another hearing that Wells Fargo Bank had more than double the amount of Zelle fraud than other banks.

Why is Wells Fargo so much— is in the news for almost everything, like, shady?

Yeah, they've had— they had a bunch of shady stuff going to open a couple years ago. They opened up bank accounts for people without asking them, uh, to, to beef up numbers. And they did all kinds of home loans of— yeah, other weird stuff. Oh yeah, they also were giving people insurance on their house and their car that they charged for it. No, they were charging them for it even though the people already had insurance. Oh, right. And they claimed that they didn't have insurance and it was a mistake. And you know, people are on— a lot of people, Tom, they'll give you a discount, you know, to make your payments on a loan, automated payment. So you set up your automated payment, then maybe you don't notice it for a month or two, and then you go, hey, why is there an extra $100, $200 I'm getting billed?

I just noticed that about my car insurance. So wait till I talk to my friend Roberto.

Wow, that's messed up.

$53 a month my insurance went up. I didn't get a letter.

That's crazy. No. And then, so now Congress sent 7 banks letters, um, regarding, uh, they want all the facts and figures on Zelle, what the losses were and all that. The banks are trying to say, hey, there's a difference between fraud, and then people get scammed, right? So saying fraud is when— I don't, I don't know how they're telling the difference, right? But they're trying to figure it out in my head, like, there—

what's real? There's no difference.

I don't know, but they're saying that there's some fraud going on, and then there's people that were just stupid that, like, they gave their login through, you know, like, I get these text messages almost every day. Oh, your account has been compromised, log in now. I just laugh. And then it's to a bank. Like, I don't bank at TD Bank. They must just guess, like, whoever's sending it out. I get it from TD Bank. I've got it from my own bank. I've got it from the, you know, every, every bank on the planet, right? Every major bank. I get a text or an email, log into your account now.

I got a text message this morning. It said my package is not going to be delivered because of an address error. Dude, what?

No, but I'm just saying, they're get— they want you to log in. Yeah. And somehow they get your, like, either your credit card data, your credit login to your credit card, your Zelle, your Cash App. Yeah. The other one was I got a message on Facebook and it said, oh, by accident, there was a little screenshot, I sent you $212.87. Yeah, right. I meant to send it to my other friend. Yeah, sure. I just typed back LOL.

I'm sorry, man, I got kids. Thanks for the donation.

Yeah, I was like, LOL, right? That's not happening. So yeah, now they're, they're like on the warpath. They want the data from all the banks. And Bank of America, they were involved in a lawsuit with Zelle because somebody was sending out— had got a list of people who had mortgages with Bank of America. Yeah, then texted them said, oh, we didn't receive your mortgage payment. In order to not have a late fee, uh, sell us the money. Ha! And then the people were logging in. They got— I mean, I don't know, what do you call that, fraud or a scam?

I mean, it's fraud, but it's also you're getting scammed. But, you know, I guess, you know, like negligence.

I want to know how they got the list of Bank of America mortgage holders.

I could see how like the banks would be like, dude, it's not our fault that these people are—

so that like, I know they fell for this, so I know my bill for the trick, right?

Right.

So now like on my bank, if I add a person to my Zelle or the ACH, because we send out ACH, it sends me an email right away. Oh, someone was added to your ACH. They send an email and a text, right? Oh, you sent money by Zelle, they send you a text. When I want to send money by ACH, every one I have, and I pay— we pay a lot of commissions out, right?

Right.

So in order to do that, we have each one I have to hit OK. It sends me a text message and I have to put in the code one by one by one for each one. Hey, but it's, it's— I, I mean, secure, right? It's secure, 100%.

I mean, if you're dealing with money, it's not like you're dealing— it'd be different if you're— now here's trying to do something else like Now here's a message.

Now here's a story. When I woke up and I actually saw this story, I was clapping. Yay!

Yay!

So what did Allen get excited about? Dick Durbin's Credit Competition Act hits roadblock.

Bam!

Now it said— then it, you know, so the side note to that was he was trying to sneak it into two different defense bills by claiming that Visa, MasterCard, American Express Discover, etc., etc., etc., the credit card processors should give free credit card processing to the mil— to people on military bases. So he's trying to like preface it like by sliding that in, and I guess the— I guess they said, uh, that's not military, this is not a military-related, uh, you know, the whole thing's not military-related. So they took it out and it says he's going to try to get up to bat next month. He's going to try it again. So we're trying to get, uh, John Rose, Congressman John Rose from Tennessee, who's on the Financial Committee of the House. I'm trying to get him on the podcast, been communicating with his office. They asked like, what questions would we ask them? So we sent it back, what questions. I answered it today, which was good that Dick Durbin hit a thing. Then I saw another story that was really interesting.

Before you get into that, we're on the live, so thank you to all the sponsors. Shout out to the listeners. Shout out to everybody who tunes in on, on a regular, and, and, you know, we really appreciate you. Uh, and if you haven't, uh, you know, check out the podcast, um, on Spotify, uh, What is it?

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Yeah, I don't remember the episode number, but I think it was 2 weeks ago on the FinTech Friday. That's where I did a whiteboard. So if you're listening and you're not watching the video, check out that video. That's where I explained the whole Dick Durbin Competition Act and what it's all about, and you can get a real good educational information about that.

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Boom. Okay, so another story I saw was interesting. Says Gen Z— the Gen Z people say they need payments in the metaverse. What's that website that I sent you? Roblox? What was that one called?

Roblox.

Roblox.

Yeah.

I wanna—

Roblox is a video game.

Oh, it's a video game? Yeah. So apparently, like, people are putting stores in there now inside the video game. I don't know.

My kids, my kids all have outgrown Roblox, right?

I don't know what the next thing is. There's got to be a metaverse store. Where is it going to be? Is there going to be multiple stores, or it's going to be in that—

I mean, there's so many different networks and different platforms.

Yeah, it's very confusing as to, like, what where everything's gonna go. Like, are you gonna— or are people gonna have like a separate, a separate store and you're gonna put on your goggles and then go be able to go in like Best Buy and shop for a TV? That would be pretty wild.

I have not— no, I prefer the way that is now. Now it's like you go into, uh, you know, whatever, the metaverse, and you're in this, you know, It's a world, and then you, you buy land and you build. You could build your house, you could build a business, you could build art galleries, whatever you want. And then, so people are already taking payments inside of the metaverse, like, for— but it's for— I think the only way you could do it right now is through crypto.

Yeah, so I'm not sure how good that's gonna work in the future.

I think it's going to work tremendously because the, the, the— I think that it's, it's really early. It's just like anything else.

And I think they got to change the tax laws because you don't want to create— every time you, you spend your crypto, you create taxable events. So that's going to be a problem. So that, that's, that's just the problem with that.

So we're talking about Meta, right?

The metaverse payments. But I'm just saying, I think they've got to look at that from, you know, a standpoint of, you know, not purchases not being a taxable event. And that's a problem, and Congress needs to kind of fix that because they made a law with crypto— with crypto. And when you, when you spend your crypto, you create a taxable event because you sold it. So anytime you remove it out of your wallet, you spent it. That's a problem. They got to fix that if they want crypto to be used, because otherwise people are going to get their tax bill and go, man, why am I paying all these taxes? Yeah, I don't know. It's a mess. It's a hot mess, that's for sure. So they need to— Congress, another thing that they don't— this is what I find all the time. Congress doesn't understand, like, when they go and they make a rule, like, they don't understand. Maybe they didn't intend the consequences, because they didn't look into it enough, because they don't understand. Just like the Durbin thing, right? So I wanted to just say a couple things about that, then we'll move on. Today I want to talk about what will the Durbin bill— the new one and the old one, right? What did they— what did the— let's start with the old one. What did it do to consumers? Right? So the first one was the one where it's supposed to lower the debit fee and it was going to save everybody money, and all these businesses were going to lower their prices because they're going to save money. So that's what it intended to do, but what it actually did was the exact opposite. Nobody lowered their prices. Big businesses, they saved money, but the average small to medium-sized business didn't save much money, and in some cases they, they spent more money on credit card processing because of this action. The next thing that it did was it gave— it really spurred on like the open banking and all these neobanks and, and, and places like that, because those banks started offering people debit rewards because they were be not part of the regulated part of the debit, so they should charge higher interchange. So a lot of people that weren't like— didn't like their bank that much switched to these other smaller banks to get debit rewards.

Got it.

Because people in the big banks lost all their debit rewards, lost their free checking, lost the free safety deposit box and all that. And the people that weren't loyal to the banks you know, left and went to the, the small banks so they could get those rewards. And so that basically wasn't good for the consumer because it created a whole— created a vacuum, you know, where it didn't do anything. The consumer— it was intended for consumers to save money, and it had the opposite effect. Now, Durbin 2.0 Well, oh no, so there was now a new part where the— on Durbin 1.0, they didn't really address online transactions, and now they're like, oh, we have to do debit routing on e-commerce. Doesn't make any sense, right? They want them to have two ways to do it. So you're going to do it through the Visa network, right, or you're going to process it through the debit network. Now, as a consumer you don't want your transact— here's where I'd say unintended consequence as a consumer, right? You don't want to— you want to process on the Visa side your debit card so that you have the benefits of your consumer protections that Visa, MasterCard, American Express, Discover, the card brands give you. You have chargeback rights, etc., etc., etc., right? Right. So you have consumer protection. If you process through the debit rail There's nothing. That's like you put in your PIN number and you're done, and that's it. You did a cash transaction. So that's no good. This is where Congress and whoever made this rule has no clue what they're doing. They made the rule and then they're like, oh, everybody has to comply, just comply. That's it. That's what they said. But it doesn't exist. What they want to do doesn't— it doesn't exist. Like they just made it up, this new Durbin e-commerce processing platform, right? The fantasy Durbin platform that does not exist, right? So it doesn't exist. So how are credit card processors are going to comply? And the debit network is more expensive than the Visa, MasterCard networks. So why would anybody want to process over there? Business-wise, going to cost you more money. Consumer-wise, you're going to lose all your consumer protection. So as a consumer, what do you want it for? And as a business, why do you want to pay more money? He thinks it's supposed to be cheaper, but he doesn't understand that it's not cheaper because they don't understand how payments works. And then on the new Durbin thing, it's the same thing all over again, right? We already have high interest rates on credit cards. So now you're gonna, you're gonna make this new rule, you're gonna try to squash out Visa and MasterCard, and what's going to happen? Interest rates are going to go up, credit availability is going to go down. And, and he, and he references, oh, uh, Australia and Europe in his explanations, right? And he also mentioned Canada. First of all, Canada has high credit card processing rates, and he talks about this like network they have there, but that's basically like the Zelle network. But we'll get into that in a minute about what that's all about. And in Australia, when they put in all these regulations, people's interest rates went up, they lost all their rewards, credit availability went down. So the same thing happened in Europe, and then they wanted to have this secondary network in Europe, and they put that law in like 9 years ago, right? Guess what? It never happened. So I don't know where— and then Durbin says the same thing. Oh, we're gonna have this other routing, routing. So why would consumers want to route their transaction off their card to this fantasy network, right, where they lose all their consumer protection? And then who on that fantasy network, who's monitoring the chargebacks? Who's monitoring?

Who's—

is there going to be a way to do a chargeback, or you're just going to lose all your rights? I mean, I think like they just need the competition is going to come into the market, and then if people want to use other types of ways to pay, like, oh, I want to connect my bank account and pay with a check, right, through some kind of network that's guaranteeing that payment, okay, then they're gonna do it. Right? They're going to do it, and businesses are going to choose, do they want to do that or not do that, right? Does that make sense? So it doesn't mean, you know, it's not, uh, you know, what he's trying to do. Consumers need to understand. And as a business, listen, write your congresspeople and tell them, like, you don't want them to vote for this Durbin Credit Card Competition Act because it's not going to create competition, and it's not going to be good for your business because you're going to end up paying more for credit card processing. Thing for sure. And your customers are not going to be happy because they're going to lose all their rewards, right? And then this whole like whatever, this thing in Canada that Durbin talks about, this— it's like a Zelle network. The problem with that is, let's just say you're a Home Depot or you're a Publix, right? Or you're even a restaurant. Let's say you have Justin's, you know, Bar and Grill., right? And every day in Justin's Bar and Grill, let's just say you have, uh, 500 people coming in and you got 500 checkouts, right, to pay, right? If you're using like Zelle or something like that, they don't send it in a batch, all your transactions together, batch out. You get them all one by one in your bank account. That's a banking nightmare. Can you imagine that? You get 500 deposits in your bank. This is where, this is where Congress— that's why I want to have Dick Durbin come on the show. John Rose, come on, let's go get somebody. Marshall, whoever is interested, let's talk about it. Let's, let's, let me explain to you how the payment networks work because you don't, you don't get it. Um, so enough on that. But just so you know, this Durbin thing, bad for business, bad for consumers. We were rating stuff the other day, right? So let's— here, we can rate a few things. Buy Now Pay Later, do we give it a thumbs up or a thumbs down? I like it. You like it? Okay. Whether it's going to last, I don't know. I think the banks need to do something about Zelle, and they need to put in this— they need to put in better security. Um, thumbs up to more security on Zelle and other P2P apps. Yes, more security is required. Agreed. And then Durbin, we're giving them a thumbs down. Metaverse, thumbs up. Um, you know, sideways. We'll see how— we'll see what happens with the metaverse.

I'm not getting into that. Okay. I'd like to go outside.

You like— I know that. I'm saying— that's what I'm saying, it's undecided whether it's good or bad.

I think it'll be good for if they— if if schools and they use it for educational purposes, I could see why it'd be really cool for, uh, kids to be able to put on some, you know, some Oculus goggles and be in the middle of the Amazon, or during, you know, Blitzkrieg, or, you know, just whatever, you know, like just historical experiences, for historical, you know, context. I think it— that way it would be really beneficial for, for for learning and education.

I think that they need to research it and come up with ways to use it in a constructive manner, and not that people are just sitting at home with the goggles eating bonbons, right?

Some—

yeah. And another big thing that's going on, which is non-stop, and every— all the, like, different things that I get involving businesses, is that companies who are making apps and companies who make software um, integrate— everybody's trying to integrate payments, integrate payments into their, their own products. And that's a big, big push. And I think it's— that's going to continue. And that's where I talk about where Durbin doesn't understand where the competition is coming from in the market, that it already exists because of things like that, right? It already, it already exists. And that's what's, you know, That's what— oh, and then the other thing that's also big that's being talked about, we always talk about, worry about SaaS, right, when we talk about software as a service, right, and recurring payments. So one of the big things in the news today was Netflix is losing customers left and right because they raise, they raise, they raise, they raise, and now they want to have like a new service where it's only going to be like they show you ads. Yeah, they show you it's gonna be like $7 or $8. Yeah, but you're gonna see ads and then you also won't be able to download. I don't know how many people download.

I think a lot of people are gonna sign up for the $7 with the advertisement thing. Yeah, just off, you know, I mean, they're already cracking down on sharing the password and letting other IP addresses log into your Netflix account. So for college students and, you know, the the underserved communities, you know, for $7 isn't, isn't a lot in comparison. I don't even know what it— what I pay right now. It's on autopay, so yeah, it's crazy.

$15?

No, no, no, it's up.

It's $23.

Yes, it's way more than $15.

It's—

I think it's $21 a month.

That's crazy.

But I don't know, I mean, that might be because we had to add extra TVs or whatever.

I don't know how many they give you.

I I have no idea. I know that there's a lot of profiles on my Netflix account.

Maybe they, maybe they give you a certain amount of profiles and then additional.

Yeah, I had no idea. You have to talk to them.

But they were talking about all the other services like Disney Plus and Hulu and YouTube and all these other channels. Like, I don't even know Paramount. Like, every time I turn around, HBO Max. Like, I go to watch a movie, I'll 'Oh, do you want HBO Max?

It's $10 a month.' I mean, I like to do it like, you know, I watch a few shows on Starz, so I subscribe to that. But then when that series is over, I—

yeah, that's what they— that's what they were talking about, is like now people are subscribing to the channel, then as soon as they watch, they binge the show.

Amazon was smart with that by adding so you can subscribe to certain, you know, premium networks through Amazon Prime. So like, if you're— like, I can connect Starz, whatever, you know, HBO, blah blah blah. You can— instead of you going outside of that platform and having another account somewhere, you can just connect it through there.

Oh, I didn't know that.

Yeah, it's pretty, pretty efficient.

Um, and where they charge you a fee?

Yeah, it's a monthly. So like each network, I don't know, like it depends on the network. I know like HBO Max because it's expensive because it's HBO, right? Right. You know, but Starz I think was— is only like $8.99 or something like that.

Oh, and then you can't—

but then I'm gonna cancel it when Power is over.

Okay. Yeah, like now I saw like if you want to watch the Thursday Night Football, it's only on Amazon. Yeah, yeah, it's on there. You have to watch it on—

I've seen that last night. I was gonna put— it was the I almost called them the Redskins.

Yeah, the Washington Commanders versus the Bears. The Bears, like the two worst teams in the NFL.

The Bears.

The Bears. The Bears. It was much better back in the day. Hey Mama, when it was, uh, the Fridge back in the day.

Oh man, that was my team. Walter Payton, Refrigerator Perry, Mike Singletary.

What was that quarterback, man? Uh, Jim McMahon.

Jim McMahon.

Yeah, he was crazy.

Don't—

yeah, Jim McMahon, he would run. He was crazy. They had that other—

Walter Payton.

Yeah, Walter Payton. But they had that other quarterback for a while too, Kenny Lofton.

Yeah, that team was amazing. '85 Bears was a shit.

And the only team that beat them was the Dolphins on Monday Night Football.

I wish he would have won a ring.

Yeah, I wish Dan Marino would have won a Super Bowl. He went to the Super Bowl very early on and got ass whooped by the, uh, my uncle, my uncle Jerry.

Shout out to Uncle Jerry. He has like every Super Bowl on VHS tape. I'm— I want copies. I'm gonna digitize them all for him.

Digitize them?

Yeah, you probably could.

Yeah, I should do that for him. Yeah, you can just get— today you can just get the VHSs, you send them to a company and they put it all on.

You don't even have to do that, they got the VHS to DVD converter thing.

Oh, you just buy one? Yeah, that's pretty cool. Yeah, yeah, then you can make as many as you want. Because I was gonna say, one of my—

back in the day, that's how my homie was doing kung fu flicks, like doing the bootleg kung fu flicks. Yeah, grabbed it, he had the cassette tape. Shout out to Voodoo, man. He had a cassette tape and then he put it in the DVD side, you know, to convert it from analog to digital, right? Put that in the DVD burner. Everybody had kung fu flicks for days.

Had the kung fu, kung fu. The best was, uh, Bruce Lee. No, no, it was better than Bruce Lee.

Shaw Brothers, man. The Shaw Brothers, you know, Enter the Wu-Tang, 36 Disciples. Come on, man. There's just so many more. I can't even—

yeah, I don't know. I don't know all those. My kung fu guy— oh, I don't know. What about some— didn't have no Steven Seagal?

No, I'm talking about authentic, like old school. Yeah, go to the matinee where they would show, you know, kung fu flicks.

Yeah. Yeah, the old school ones. Come on, I'm gone.

And I'll let you try my Wu-Tang style.

You know, yeah, there's some crazy movies.

Yeah, I used to love that. I still do. Me and my granddaughter, when she comes down, we watch old school kung fu.

Old school.

She just sits in my lap. And we just sit there and it's hilarious. Her mom gets a kick out of it.

Yeah, yeah. So there we are. FinTech Friday. We talked about everything that's going on with FinTech in the news and what's going on. And it's very— FinTech is very exciting. I think there's a lot of cool things. We're about to release some— a FinTech product very soon. We've been having it in soft launch, and we're going to be adding on more and more to that product and making it available to the the masses. Nice. You know, that's the goal. So everybody have a great Friday, enjoy FinTech Friday, and, uh, talk to everybody soon. We'll keep everybody up to date on what's going on in fintech. And check out some of the other podcasts we covered recently, some stuff about fraud. We did a Payment Trends talking about the popular payment methods that are out there. Um, what were some of the other last subjects that we talked about?

And, uh, we had the payment trends, uh, Tuesday. We— I mean, we talked about the 20%.

Oh yeah, 20% tipping. Yeah, we had a lot of people that, that were asked about that. We're gonna— about the 20% tip. And I hope people that asked about it, we gave a great— I think we did a good job explaining it. Complicated, but I think, I think you did it pretty good. Yes. All right, so everybody have a great weekend.

Happy Friday.

Happy Friday. Happy FinTech Friday. Hey Dale. Hey Justin's mom. Peace out.

Peace.