Tom Noyes @noyesclt Twitter profile | Pikagi

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Tom Noyes

@noyesclt

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Pymts Geek, Network Theory, Founder/CEO, Advisor/Investor. Former: NASA Engineer, Bank Exec, Oracle, 4 exits. Building teams connecting great people. SDG

Davidson, NC

https://t.co/gVTEkvb59R

Joined November 2009

Don't wanna be here? Send us removal request.

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@noyesclt

Tom Noyes

21 days

DOJ's Visa Complaint - blog on first reactions . Effective incentives are not necessarily exclusionary or anti-competitive. Globally, a single debit network typically dominates in every geographic region. It is logical that Visa (the inventor of the debit

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@noyesclt

Tom Noyes

1 year

@ElonMuskAOC Much better than my proposal

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@noyesclt

Tom Noyes

2 years

Visa + Brilliant move by Visa to be the core connected infrastructure for any wallet. A universal "payname" is core to identity and the "master directory" tying consumers to wallets, banks and instruments.

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@noyesclt

Tom Noyes

9 months

Rumor mill.. $PYPL pressured on 4 fronts. ApplePay taking browser and mobile share in 4Q (branded losing share) and 2) 2Q bump from bundling BT+branded has faded (Adyen and others adjusted), 3) take rate (below) and 4) CEO change + talent exodus. All this makes for significant

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@noyesclt

Tom Noyes

2 years

Opened Apple's Savings account in 45 seconds... funded from my from my 0.1% savings account instantly using debit card.

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@noyesclt

Tom Noyes

2 years

Big update on Apple Pay Later. I can't find any issuing bank that has been presented with the opportunity. Apple could be going with a tier 2 bank... or something much different could be planned. Who will hold the recievables? Who will be the issuer? stay tuned.

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@noyesclt

Tom Noyes

4 years

Card Linked Offers are a mess. I project we will see failure here soon.. with discounted asset sale. Look at my BofA offers today 3 restaurants, 7 subscriptions.. what a mess. To change behavior there must be engagement during shopping/search. This is untargeted coupon clipping.

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@noyesclt

Tom Noyes

2 years

Fintech I'm most excited about this week? @Affirm 1) volumes 100% (ex AMZN) 2) Actives 11.2M +150%, 3)Merchants up to 168k from 8k (YoY). 4) Credit quality holding. IMHO networks effects are taking hold AND consumers are beginning to see as card alternative.

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@noyesclt

Tom Noyes

4 years

BIG Rumor.. Apple purchased mobeewave. If true that will spell trouble for Square, Samsung and SMB acquirers. Super short Blog

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@noyesclt

Tom Noyes

5 months

Visa's new flex credentials. Wow, this could be one of the top 5 payment innovations in last 10 yrs. They have productized what was done for Affirm Debit+ (see my old blog). AB article today

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Visa blurs line between debit, credit cards in new 'flexible credential'

As part of a sweeping digital enhancement of its consumer payment cards, Visa will enable banks to issue an account as a credit, debit, virtual or Pay in 4 installment loan, based on the user's...

www.americanbanker.com

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@noyesclt

Tom Noyes

1 year

Brazil: PIX growth drives card growth. The #1 question thrown at me is why PIX and UPI are not a threat to V/MA. See this article.. 42% card GDV CAGR, 16.6% Debit GDV CAGR. These innovations bring people into banking AND electronic payments. A tide that lifts all boats.

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@noyesclt

Tom Noyes

21 days

DOJ/Visa. Total over reaction by the market. Best quote is from Autonomous "Visa has lost ~$40bn in market cap since end of Monday, which implies that its US debit franchise is worth ~40% less today by our estimates". Another great quote from a senior payments exec "Hey its

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@noyesclt

Tom Noyes

4 years

Top reasons what Fintechs DO NOT want a banking license? I'll start with 3: 1) Audit and Compliance 2) Reporting Requirements 3) There is no "lite" version in the US (ex ELMI in EU). Its all or nothing #leavefintechs alone

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@noyesclt

Tom Noyes

2 years

$V / $MA just spoke to someone with copy of the Durbin Bill: 1) directs the Fed to create regulations that requires banks over $100B in assets to enable an "unaffiliated" network 2) The unaffiliated network can NOT be another major credit card network. Blog coming tonight.

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@noyesclt

Tom Noyes

1 year

PayPal vs Visa - 5yr view.. ?PYPL down 6.5%.. V up 79%.. Tom's network rule #1 - The value of a network is the sum total of investment made by all parties participating. This investment is directly correlated to the value they derive from it.

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@noyesclt

Tom Noyes

3 years

Wow.. Affirm/Plaid and Marqeta just announced a new decoupled debit. My blog

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@noyesclt

Tom Noyes

3 months

I'm a payment network bull. Can't understand why BAC analysts cut V/MA to neutral. While US/EU payment growth may begin to level out, the networks have a long runway in ROW and expansion opportunities beyond payments. I would like to see US banks lean in.. the power of banking is

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@noyesclt

Tom Noyes

4 years

$V and $MA beat consensus yesterday.. big time. For V U.S. GDV up 21% (Debit GDV +30%) and Visa Direct (former VMT) up +60%. Visa Direct benefitting from Venmo, Zelle, SquareCash.. it has become the "rails" for innovation.

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@noyesclt

Tom Noyes

2 years

Thoughtful blog on how Durbin powered arbitrage that led to FinTech explosion. Jamie Dimon and other Bank CEOs have long held this perspective.

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@noyesclt

Tom Noyes

4 years

Square just passed American Express in Market Cap? Come on.. give me a break.. What do you have to believe to make sense of this?

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@noyesclt

Tom Noyes

6 years

Just learned today that Google has convinced a number of top retailers to send 100% of all transaction data.. your item level purchases. Google had online intelligence.. now rapidly gaining insight into your POS/Brand Preferences.

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@noyesclt

Tom Noyes

4 years

Oil market problems pale in comparison to the beer market.. no place to store it.. 1M kegs full.. WSJ ...

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@noyesclt

Tom Noyes

2 years

Thanksgiving reading - 2022 McKinsey Global Payment Report . My fav chart below. In US Card is 40% of retail bank revenue and 33% of all payment revenue. Asian payment revenue is twice as large as ROW combined.

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@noyesclt

Tom Noyes

4 years

Thought for the day. Super impressed in the partnerships $PYPL created in support of QR code at POS: Top 10 banks, 2 major acquirers, Verifone, inCom, TCH, Merchants.. Top issuers have told me they would rather innovate through $PYPL than V/MA. Surprising.

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@noyesclt

Tom Noyes

2 years

Bloomberg - Apple will handle loans in Apple Financing LLC

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Apple Will Handle Lending Itself With New Pay Later Service

Apple Inc. will handle the lending itself for a new “buy now, pay later” offering, sidestepping partners as the tech giant pushes deeper into the financial services industry.

www.bloomberg.com

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@noyesclt

Tom Noyes

1 year

Google's wallet has come from nowhere to be #2 in US behind PayPal. Their goal is to make eCom "better" from start to finish. As an avid user, what I like best is the privacy centric user control. Data comes from my phone/browser. I permission it. If Google owns CX, identity,

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@noyesclt

Tom Noyes

2 months

Great research from Flagship. Embedded payment revenue models

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@noyesclt

Tom Noyes

9 years

New confirmation that ApplePay is VERY close to launching in browser. Works on every device w/ link via keychain (Stripe as acquirer)?

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@noyesclt

Tom Noyes

2 years

My new (long) blog - Identity will drive the future of payments ... and more.

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@noyesclt

Tom Noyes

1 year

Apple Wallet shows bank balance in UK. As a guy that ran two of the largest online banks the primary retail interaction is to log in check balance pay a bill and leave (3-5 X per week). Card apps are used 2x per month. Removes key touch point

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Apple Wallet app can now show current account balances from UK banks - 9to5Mac

Apple is soft launching a new iPhone Wallet app integration today that is powered by the United Kingdom’s Open Banking...

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@noyesclt

Tom Noyes

2 years

Card benefits realized? The AMEX Centurion club at Vegas right now. 60 people waiting for entry

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@noyesclt

Tom Noyes

2 months

Platform of choice? Adyen is everyone's partner. Nothing exclusive here. They prioritize what their merchants want. I spoke to a CMO last night "Paypal doesn't listen, they can no longer justify premium thru either conversion or fraud and show up with the latest new shiny idea to

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@noyesclt

Tom Noyes

2 years

After 26 yrs.. closing my PayPal accounts Monday. A leadership team that focuses on this is a house on fire.

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@noyesclt

Tom Noyes

2 years

Apple Pay Later - Who is the "issuer"? Who owns the lending? Who manages the loans? This is not resolved. While the consensus says it is GS, there is likely something much more global going on. More in blog Friday.

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@noyesclt

Tom Noyes

4 years

Paypal earnings today.. I expect a surprise beat on earnings estimates.. They are really firing on all cylinders. Most surprising to me? Top 6 banks would rather partner with them than V/MA.. Blog coming out this week.

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@noyesclt

Tom Noyes

6 years

I bought $pypl stock today. Why? They are moving both merchants and banks with their speed and focus. One Big bank told me this week "we must work with partners that can move merchants.. google has best tech.. but only Paypal and Apple can move W3C" (I was shocked)

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@noyesclt

Tom Noyes

2 years

$V $MA the most feedback I'm getting on "the next Durbin" is on the potential of network fee competition. I see no prospect of this. See blog comments

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@noyesclt

Tom Noyes

22 days

Visa. Anxious to see the DOJ complaint. My view is that any complaint will be problematic if focus is on tokenization or processor volume incentives. In debit choice is everywhere: Issuers choose to tokenize, merchants can detokenize and route at PIN debit, Merchants can choose

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@noyesclt

Tom Noyes

1 year

$PYPL working with Goldman to offload Xoom. Certainly one of the worst M&A decisions PayPal ever made (next to Paydiant). PYPL paid $890M for 1.5M customers (2015), and functionality that overlapped with PayPal. Cross border remittance margin is under substantial pressure.

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@noyesclt

Tom Noyes

6 years

Google and Mastercard cut a secret ad deal to track retail sales via @technology

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@noyesclt

Tom Noyes

2 years

Visa announces global P2P interoperability scheme with PayPal as Anchor.

Visa and Partners Bring Interoperability to Digital Person-to-Person Payments

Introducing Visa+, a new service that will allow friends, family and just about anyone to send and receive money across digital payment platforms SAN FRANCISCO --(BUSINESS WIRE)--Apr. 11, 2023--...

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@noyesclt

Tom Noyes

9 months

Just off the phone w/ 2 execs of major processors. The payments competitive environment has changed "merchants don't want new.. they want cheaper". This cost focus has killed the innovation budgets in processors, igniting price competition in a race to the bottom. This also

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@noyesclt

Tom Noyes

4 years

Apple bought mobeewave for estimated $100M. Now confirmed by Apr and Bloomberg.

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Apple Buys Startup to Turn iPhones Into Payment Terminals

Apple Inc. has acquired Mobeewave Inc., a startup with technology that could transform iPhones into mobile payment terminals, according to people familiar with the matter.

www.bloomberg.com

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@noyesclt

Tom Noyes

5 months

New Blog - Visa Flex Credentials VFC. Potential to be the biggest pipe expansion in the history of payments with Visa at the Center of a Network of Networks. Long a vision of US banks.. Visa has just made many to one a reality.

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@noyesclt

Tom Noyes

2 years

Rumor.. Goog is rolling out a new real time payment product this month with JPMC and TCH. A Zelle/Venmo competitor? or something more like pay anyone (ex India UPI)?

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@noyesclt

Tom Noyes

10 years

Apple releases overview of payment scheme

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@noyesclt

Tom Noyes

6 years

The bank/mastercard issue is NOTHING compared to retailer sharing of SKU level info with Google/FB. Most top 50 retailers send Goog/FB near real time SKU level data (see my blog). So while Cambridge Analytica caused pull back of 3rd party sharing.. it accelerated 1st party

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@noyesclt

Tom Noyes

5 months

Must Read. Worldpay's Global Payment Report 2024. Headline: 50% of all eCommerce is now wallet enabled.

Global Payments Report 2024 | Worldpay

Explore the new choice era in the 9th edition of Worldpay's Global Payments Report, your expert guide to payments across 40 markets.

worldpay.globalpaymentsreport.com

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@noyesclt

Tom Noyes

6 months

Payment humor 101. My reaction to "retailers are interested in A2A". The real challenge is getting consumers to use their debit card (Durbit rates of $0.21+5bps with larger retailers operating less than $0.08 per transaction). Very hard to make a business case for replacing

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@noyesclt

Tom Noyes

2 months

Apple Opens NFC. Just off the phone with Apple. They were nice enough to treat me as a journalist. Blog forthcoming in next hour. Summary. Brilliant move by Apple removing a huge regulatory overhang. Andriod has been "open" for 10 yrs. Apple wins thru customer experiences, UCs

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@noyesclt

Tom Noyes

3 years

Thought for the day. Retailers care much more about incremental sales than the cost of payments. This is why they are adopting BNPL - a payment option priced above card.

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@noyesclt

Tom Noyes

1 year

Thought for the day. The biggest hurdles to real time payments on the consumer side. 1) V/MA/Amex give the consumer experience of real time (ie messaging) in your account. 2) the 30 yrs of fraud infrastructure built around card 3) Consumer value - they don't want speed and

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@noyesclt

Tom Noyes

1 year

$PYPL just reached 5 yr low at $60. I just bought. Hope I’m not wrong

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@noyesclt

Tom Noyes

3 years

Incentives - How will $V / $AMZN play out? Blog today

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@noyesclt

Tom Noyes

4 years

EPI - The $Visa and $MA golden goose is safe. Quick take

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@noyesclt

Tom Noyes

2 years

My vote for the worst payment graphic of the year. 100% of ApplePay transactions are on a card. Where is Union Pay? LOL.

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@noyesclt

Tom Noyes

4 months

WSJ "Credit-card disputes have soared as shoppers wield the power to contest charges more freely". At MRC meeting, retailers related that the total cost to manage a dispute is over $400. For purchases under that amount its hard to justify other than for repeat offenders.

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@noyesclt

Tom Noyes

3 years

Blog: Real Time Payment, Trust and Fraud. Expanding on the NYT Zelle article.

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@noyesclt

Tom Noyes

2 years

At #money2020 today. So much going on. Merchant just told several large banks of their intent to tokenize throwing a giant monkey wrench into bank eCom plans. More to come in blog Thursday

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@noyesclt

Tom Noyes

9 years

Big bank quote: Apple has payment team of 600 now. Google is down to 6 plus a few in android.. and 30 or so covering operations and MSBs

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@noyesclt

Tom Noyes

5 years

Paypal drops out of libra via @WSJ

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WSJ News Exclusive | PayPal Drops Out of Facebook’s Libra Payments Network

PayPal Holdings is withdrawing from the group of firms Facebook assembled to launch a global cryptocurrency-based payments network.

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@noyesclt

Tom Noyes

5 months

$V. Visa must watch video Karen Webster interview of Visa's global head of consumer payments Mark Nelsen. They cover the seven new products Visa announced this week.

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Visa Recasts Digital Wallet Landscape at Intersection of Identity and Payments | PYMNTS.com

Throughout history, the number seven has held significant importance. There are seven days of the week, seven colors in a rainbow, the “lucky sevens” when

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@noyesclt

Tom Noyes

30 days

ApplePay in Browser was build on 10+ years of effort across Card Networks, Standards bodies, Issuers and Apple. Example List 1) Network Tokenization 2) Network Card Provisioning 3) Issuer Card Provisioning - Phone/Person/Account Binding 4) W3C Payment Request API 5) Apple -

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@noyesclt

Tom Noyes

3 years

Must read article on UPI India. Certainly the top payments innovation in last 5 yrs with TPV up over 103% ('21 v '20). Note that V/MA GDV went up 44% in same period.

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@noyesclt

Tom Noyes

4 years

re DOJ on Visa debit routing. It would appear DOJs case is based upon active 2016 Visa vs. WMT NY Supreme Court Case (Index #0652530 /2016), see complaint starting para #53 . I had no idea V sent WMT a breach note.. Letter from Oliver to Mike Below

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@noyesclt

Tom Noyes

2 years

New Blog - Power of Bank Networks. The bull case for V/MA (22 pages). Last year I said “Visa and Mastercard have NEVER lost share in a market where they have gained a foothold”. I attempt to outline why. A: Econ model, Trust and Bank role to intermediate

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@noyesclt

Tom Noyes

5 years

Paypal Blog - why they are best positioned to capture growth.

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@noyesclt

Tom Noyes

1 month

BILL Names Mary Kay Bowman as Head of Payments Business. Big congrats to . MK is on my list as one of the top 5 payment execs. Her background is unmatched.

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BILL Names Ex-Visa Executive Mary Kay Bowman Head of Payments Business | PYMNTS.com

BILL has named former Visa executive Mary Kay Bowman as its executive vice president, general manager of payments and financial services. Bowman will

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@noyesclt

Tom Noyes

8 months

$PYPL as PayPal becomes a Braintree unbranded company, the ability to "innovate" gets much harder as a merchant service provider they don't have the rights to data, nor consumer permissions to use it. PayPal ran into this problem in its first efforts to speed all checkout 10 yrs

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@noyesclt

Tom Noyes

2 years

Congrats $aapl, $V and $SQ registered for Square merchant account and was live with Apple's Tap to Pay in under 30min. A fantastic experience available to any iPhone owner. Make your iPhone a POS

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Tap to Pay on iPhone Contactless Payments | Square

With Tap to Pay on iPhone, you can accept contactless payments on NFC enabled devices. Download Square POS app to start taking payments with just your phone.

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@noyesclt

Tom Noyes

2 years

Perhaps the MOST important data point for those seeking to forecast the US payment market is the UK, where fasterpayments began 15 yrs ago in 2008. (Cards are not in danger.. RTP impacts trusted payments, disbursements and checks are core TPV)

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@noyesclt

Tom Noyes

1 year

In the airport today. Wallets will be the central point of interaction for many things beyond payments. Look what’s going on at the security line here in Phoenix.

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@noyesclt

Tom Noyes

2 years

From CNBC "Goldman Sachs, which issues the Apple Card, is involved as the technical issuer of the [MA Installment] loans and is the official BIN sponsor. But Apple is not using Goldman’s credit decisions or its balance sheet for issuing the loans"

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@noyesclt

Tom Noyes

6 years

short blog on Paypal/hyperWallet/iZettle

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@noyesclt

Tom Noyes

5 months

The only CLO left.. Cardlytics $CDLX earnings out yesterday. 8% revenue growth and negative $17.6M operating cash flow. Stock is down 40% today. A 12+ yr old company... Oh.. and the largest US banks are working to build their own CLO (see Chase Media Network). Ouch.

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@noyesclt

Tom Noyes

4 years

Thinking about consumer "trust". In looking at the list, consistent value, service and frequency of interaction seem to be drivers ( @PayPal is most trusted Payment Network). Thoughts on what creates trust?

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@noyesclt

Tom Noyes

1 year

My most heretical statement (that no one has disproved): Neither Visa nor Mastercard have ever lost share in a market where they have gained traction (outside of sanctions). While there are many other ways to perform payments, there is no better economic model nor network

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@noyesclt

Tom Noyes

2 months

I’ve got a new wallet. Stripe just auto enabled square’s cash app pay. On my blog.

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@noyesclt

Tom Noyes

4 years

I normally cheer for all payment companies.. but the idea that Square's market cap is greater than Goldman sacks? for a company 50% focused on physical retail? Come on.. 360x earnings seems just a tad off with Apple coming into their market.

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@noyesclt

Tom Noyes

2 years

The MRC article focuses on moving identity upstream. This is a payments perspective, not a retailer's perspective. While retailers incur payment costs of 1% of sales for payments, they spend 9%+ of revenue/GMV on marketing. Identity is the core of both.

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@noyesclt

Tom Noyes

3 years

FedNow point #2 . There is no mandate to support FedNow, it is up to each and every bank to turn it on, and determine which transactions to support, and how to price it. Thus FedNow faces challenge of 1) bank adoption, 2) consumer adoption, 3) merchant adoption.

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@noyesclt

Tom Noyes

10 years

Happy #PiDay (3.14.15). My teacher told me that Pie are Square. Told her "No cornbread are square, pie are round". http://t.co/h9lSgkqO7t

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@noyesclt

Tom Noyes

9 months

1 of 3 - $PYPL stock dives after "shock the world" PR today. It seems cash back offers are not the AI innovation that investors were hoping for. I agree.. have you seen $CDLX price?

PayPal and Venmo Unveil Six New Innovations to Revolutionize Commerce

PayPal Holdings, Inc. (NASDAQ: PYPL) today announced six new innovations the company is piloting and bringing to market this year to revolutionize commerce through artificial intelligence (AI) driven...

investor.pypl.com

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@noyesclt

Tom Noyes

6 months

This first battle for any "new" wallet is Guest Checkout - Consumers that don't already have an account with that merchant (merchants with COF). Google is the clear leader in desktop with Chrome auto-fill. ApplePay rules on Mobile and gaining rapidly as they now run on Chrome.

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@noyesclt

Tom Noyes

8 years

ApplePay crushes In App.. new eCom will follow In App success. Merchants have simple API to turn on, rate reduction and liability shift.

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@noyesclt

Tom Noyes

4 years

Long Blog - Open Banking and Open Payments. Feedback appreciated.

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@noyesclt

Tom Noyes

3 years

Short blog on A2A, ACH and threats to V/MA. Is a it a threat to V/MA? Not in the US.. from MCX to Target.. many lessons learned.

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@noyesclt

Tom Noyes

4 months

$Afrm did a great job in their new card enrollment CX. I had account opened and WFC account linked in under 3 min. I see Affirm as a very, very big winner in today's Apple announcement. Apple just became Affirms largest channel distribution partner (not that Amazon and Walmart

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@noyesclt

Tom Noyes

5 months

Another great product innovation coming out of Visa Payment Forum ( #VPF2024 ) is tap to provision. In coordination with Apple, Visa has enabled all Issuers to greatly improve the way cards are provisioned to phones AND reduce fraud. Combining possession of physical card with

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@noyesclt

Tom Noyes

5 years

#applecard success. I went all weekend only paying with ApplePay or Apple Card. No issues in store, at pump, online, in app, with tap.. none. 100% success for 27 transactions. Great work @apple

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@noyesclt

Tom Noyes

1 year

Banking 101. Quick note on savings rates. The 3 month treasury is paying 4.98%. Obviously, any bank paying depositors below that rate can hold liabilities in a short term treasury and make money. That's not rocket science. The weird thing about the US market is how reluctant US

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@noyesclt

Tom Noyes

3 years

Banks take action to stop daily aggregation. Brilliant move by Bank of America. In mailbox today.. OTPs and password change will throw a wrench into expanded use of Plaid, Yodlee, MX and others. Next step after this? A permissioned pipe at Akoya... and Fintechs will pay a fee.

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@noyesclt

Tom Noyes

1 year

Completed the registration for Apple’s new pay later service. Amazing experience. Account opened in less than a minute. Well done, Apple!

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@noyesclt

Tom Noyes

2 months

Tremendous Innovation from Google: Secure Payment Authentication. They just beat PayPal Fastlane and Paze to market. Using a device bound cryptogram to authenticate consumer and payment. . Blog forthcoming.

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Secure Payment Authentication from Google Pay

Discover Checkout.com's new secure payment authentication with Google Pay. Enhance your customer journey with biometric authentication for better security and fewer cart abandonments.

www.checkout.com

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@noyesclt

Tom Noyes

12 days

Must read. Finally a group that lays out the facts of alternate card schemes in the EU. Europe's Local Card Schemes on a Steady Decline

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Europe's Local Card Schemes on a Steady Decline

Local debit schemes (CB, Girocard, Dankort, BankAxept, Bancomat) are on a decline in Europe due to lack of innovation, slow support of digital wallets, limited geo reach, and collaborative shortcom...

insights.flagshipadvisorypartners.com

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@noyesclt

Tom Noyes

3 years

@iankar_ Invest in anything that is opaque or poorly serves the customer. In 2014.. how did you accept a card? instantly send $50 to the person next to you? Integrate payments to your website? .. Payments are the last step of almost every commercial process.. (room to improve)

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@noyesclt

Tom Noyes

2 years

$PYPL. Adios "Super App" hello enterprise. Braintree volumes grew 44% in 2Q22 where button vol grew 4-5%. Mgmt expects 50bps of margin expansion in a $900M cost cutting effort. Many more changes are needed here to unite the pieces they have acquired. Big changes.

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@noyesclt

Tom Noyes

4 years

Short Blog - Google Pay Quick Take.

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@noyesclt

Tom Noyes

7 years

Great W3c demo of payments in browser integrated with tokenization. #Money2020

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@noyesclt

Tom Noyes

4 months

Expect very big things from Apple in payments tomorrow. A team with more continuity than just about anyone in payments. Making payments easy is hard.

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