Part 4/18:
The narrative underscores how the legacy systems—gatekept by intermediaries like Visa and Mastercard—are inherently insecure, with outdated magnetic stripe technology still prevalent outside secure chip-based environments. The visual image of waving a card in the air, reminiscent of a "Star Trek" scene, encapsulates the absurdity of relying on primitive tech that’s no longer fit for digital age commerce, especially across borders where infrastructure is fragmented.
He describes how these archaic methods do not genuinely protect consumers and often shift liabilities onto merchants, who are forced to fight an uphill battle against fraud while being responsible for refunds—costly and inefficient.