Why Payment Processing Companies Need to Start Thinking About Blockchain w/ Nabil Manji (Worldpay)

In this episode, Austin chats with Nabil Manji of Worldpay, one of the largest payment processing companies in the world. In a recent collaboration with Worldpay, Visa expanded its USDC settlement to the Solana blockchain. Austin and Nabil chat about the current landscape of card payments and what the integration of blockchain unlocks for large financial institutions. Why complicate the legacy fiat payment system if it seems to work so well? Drawing on the firsthand experience at Worldpay, Nabil discusses the due diligence behind adopting USDC, the way USDC rails work for merchants, the internal process of adopting blockchain at a large company, and more.

0:00 - Intro
1:11 - What are Worldpay and FIS?
3:16 - How Worldpay generates revenue
5:23 - The scope of WorldPay's payment methods
9:16 - How card payments work today (the 4 party system)
13:01 - Why disrupt the legacy payment system?
15:24 - Credit card transaction speed
17:05 - Why Worldpay adopted USDC
20:05 - Internal conversations at Worldpay about blockchain adoption
23:05 - Fee structure of using USDC vs. processing a credit card
26:25 - Is there demand for USDC on the consumer side?
27:50 - Speed of USDC settlement
31:10 - USDC rails for merchants
34:55 - Are irreversible transactions impacting enterprise blockchain adoption?
38:15 - Long-term implications of blockchain payment adoption
39:10 - Worldpay's regulatory due diligence
43:56 - Does Worldpay have interest in issuing its own stablecoin?
46:20 - The "holy grail" of stablecoin usage

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