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We’ve previously covered how credit cards are a legacy system, beholden to some decisions made decades ago. Those were motivated by the then-prevailing relationship between participants in the credit card ecosystem, and by the behavior which the card networks and banks believed would dominate the use of the system over time. Then, history happened as history has a wont to do. We now use very old systems with a very different world. They’re battle-tested, but sometimes creaky.
Card networks are legacy systems. Some bugs have persisted for decades, surprisingly, but they can be fixed. Stripe provides examples.
We are not affiliated with Patrick McKenzie. This unofficial audio edition is available to listen to and share for free. Read the original on Bits about Money.
Duration
~32 minutes (31K characters)
Release date
Feb 24, 2023