Opinion
Khalaf: Merchants complaining about card interchange fees ignore massive ad tech costs
“So regarding the payment rails, I agree with Zach. It's a yes, but the but is bigger than the yes, because if you look at, ah, all the folks that are honestly complaining about the interchange. Okay, let's talk about it. These are the same people who are payin…”
Prediction Not checkable as stated
Khalaf: Payment cards will transition to dynamic, real-time programmatic selection
“And that's what's gonna happen to a payment vehicle. It is gonna be a just-in-time selection. I'm not saying it's, you're gonna have infinite amount of cards. You can, because digitally you can. So, but there is gonna be one wallet or card that looks like a wa…”
Prediction Not checkable as stated
Khalaf: Payments innovation will center on digital wallets, not merchants
“So I think the innovation is not going to be on the merchant side, ah, because why? The innovation is going to be in the wallet side, because if you look at what Apple Pay has done, it is a personal, individual checkout that works in every country, in every me…”
Prediction Not checkable as stated
Khalaf: Embedded finance will replace the term 'fintech' within two years
“That's why I hope in the next two years the word fintech will disappear and it will be embedded finance because they've got distributions. They've got the consumer, right?”
Assertion Contradicted
Khalaf: Payment cards have wider reach than Google, Facebook, and clean water
“Because if you think about a payment card, it's the most adopted technological product ever invented. More distribution than Google and Facebook combined. More distribution than clean water. And it's still a piece of plastic for many.”
Assertion Contradicted
Khalaf: Target makes more money from financial services than retail
“Look at Target. I mean, ah, they make more money from financial services than retail.”
Assertion Partly supported
Khalaf: Macy's gets 47% of operating margin from store card
“Look at Macy's. They make 47% of their operating margin from the Macy's card, and that's not a very successful program.”
Assertion Supported
Khalaf: Cash App is sole financial app in App Store top 25 for three years
“You look at Cash App as an example. It's the only financial services product that's been in the top 25 on the App Store the last three years.”
Opinion
Khalaf: Visa and Mastercard emerge as the ultimate winners of settlement
“It's been like a nice debate, and then at the end, Visa and MasterCard win. So but so I think that's what I read into the settlement”
Assertion Partly supported
Khalaf: Average US adults use payment cards more daily than TikTok
“I'll give you a stat. So right now the most addictive product, well, according to the Senate and the Congress, right, is, ah, TikTok. And if you look at its usage, adjusted for the U.S. Population reach, adult population, is 2.1 times a day. But a payment card…”
Assertion Not checkable as stated
Khalaf: 17% of observed Whole Foods shoppers were Instacart or DoorDash couriers
“I went to Whole Foods, and I tried to see what percentage of the people coming are paid shoppers versus individual shoppers. How many are holding an Instacart badge or a DoorDash? It was actually 17% over a period of two hours. That was zero two years ago.”
