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New Money: Currency, Community, and the Future of Payment
One of the basic structures of everyday life, money is at its core a communication media. Payment systems—cash, card, app, or Bitcoin—are informational and symbolic tools that integrate us into, or exclude us from, the society that surrounds us. Examining the social politics of financial technologies, Lana Swartz reveals what’s at stake when we pay.
This accessible and insightful analysis comes at a moment of disruption: from “fin-tech” startups to cryptocurrency schemes, a variety of technologies are poised to unseat traditional financial infrastructures. Swartz explains these changes, traces their longer histories, and demonstrates their consequences. Getting paid and paying determines whether or not you can put food on the table. She shows just how important these invisible systems are. The data that payment produces is uniquely revelatory—and newly valuable. New forms of money create new forms of identity, new forms of community, and new forms of power.
This accessible and insightful analysis comes at a moment of disruption: from “fin-tech” startups to cryptocurrency schemes, a variety of technologies are poised to unseat traditional financial infrastructures. Swartz explains these changes, traces their longer histories, and demonstrates their consequences. Getting paid and paying determines whether or not you can put food on the table. She shows just how important these invisible systems are. The data that payment produces is uniquely revelatory—and newly valuable. New forms of money create new forms of identity, new forms of community, and new forms of power.
288 pages, Hardcover
Published June 23, 2020
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Displaying 1 - 11 of 11 reviews
September 5, 2020
Tracing the relationships between money, communication technology, and society this is a very well researched and insightful book that focuses on transactions and human experience.
"Silicon Valley feudalism is not peer-to-peer technology; rather, it bestows a peerage."
The book tells a story of the American Post Office and Western Union evolving from parcel delivery into money orders and the implications that have for finance as money orders made out to oneself were used as a form of savings. Emphasis is given to the role of national currency in the transition from feudalism to modern liberal democracy. It is coveted and symbolic, a widely circulated opportunity for propaganda.
It was interesting to see an executive of Diners Club in the 60's predicting the end of cash, expecting cash would not keep up in the jet age. Describing the role of state-level bank regulation in the development of Visa and Mastercard as "open networks" there were a couple of places where the author seemed to digress further into the technical detail of the operation of credit card networks than was needed.
The discussion of Venmo seems superfluous at first. But it does a great job of extending the development through the current tense. Our experience with money has been perpetually changing over the last hundred years. Increasingly we need to consider emergent behavior. Unintended consequences are bound to continue and it's a good idea to think about the "perpetual beta" state of network technology.
The thing that is special about this analysis is the emphasis on how people experience and use money. The post office, Western Union and American Express responded to demand in supporting travelers. Early credit cards were clearly positioned as premium products. I wasn't convinced the "transactional communities" they formed were significant but the idea is interesting. The discussion of privacy and loyalty programs was sobering. The connection between "food stamps for truckers" and the economic reality of the peasantry under feudalism is worth considering.
Several times I have seen people raise the information or communication element of money and usually, the analysis seems fetishistic. This book develops a well-grounded and insightful analysis where other very smart analysts have stumbled.
"Silicon Valley feudalism is not peer-to-peer technology; rather, it bestows a peerage."
The book tells a story of the American Post Office and Western Union evolving from parcel delivery into money orders and the implications that have for finance as money orders made out to oneself were used as a form of savings. Emphasis is given to the role of national currency in the transition from feudalism to modern liberal democracy. It is coveted and symbolic, a widely circulated opportunity for propaganda.
It was interesting to see an executive of Diners Club in the 60's predicting the end of cash, expecting cash would not keep up in the jet age. Describing the role of state-level bank regulation in the development of Visa and Mastercard as "open networks" there were a couple of places where the author seemed to digress further into the technical detail of the operation of credit card networks than was needed.
The discussion of Venmo seems superfluous at first. But it does a great job of extending the development through the current tense. Our experience with money has been perpetually changing over the last hundred years. Increasingly we need to consider emergent behavior. Unintended consequences are bound to continue and it's a good idea to think about the "perpetual beta" state of network technology.
The thing that is special about this analysis is the emphasis on how people experience and use money. The post office, Western Union and American Express responded to demand in supporting travelers. Early credit cards were clearly positioned as premium products. I wasn't convinced the "transactional communities" they formed were significant but the idea is interesting. The discussion of privacy and loyalty programs was sobering. The connection between "food stamps for truckers" and the economic reality of the peasantry under feudalism is worth considering.
Several times I have seen people raise the information or communication element of money and usually, the analysis seems fetishistic. This book develops a well-grounded and insightful analysis where other very smart analysts have stumbled.
April 1, 2026
Not what I was expecting, but it was interesting
August 27, 2020
A fantastic book!
I have been looking for a good book that discusses the future of money and FinTech generally.
I was not disappointed.
Lana Swartz did a masterful job laying everything out in this book without spending too much time in any one area.
I have been looking for a good book that discusses the future of money and FinTech generally.
I was not disappointed.
Lana Swartz did a masterful job laying everything out in this book without spending too much time in any one area.
February 14, 2026
In New Money, the concept is packed into stories and real life example. The book, hidden deep in my Kindle, suddenly appears interesting to read. I have always been interested to read about transformation of currency from several centuries ago until what it can become.
Payment has evolved from a cold, private utility into a vibrant, public-facing social tool is laid bare. The book explores how we stopped just "buying things" and started "broadcasting" our consumption. It’s a fascinating look at the plumbing of our economy and how that plumbing is being redesigned to capture our attention as much as our cash.
The Architecture of the Swipe: Closed vs. Open Loops
The book does an excellent job of demystifying the invisible rails that move our money. It highlights the fundamental difference between how companies like American Express operate versus the giants like Visa and MasterCard.
* American Express (The Closed Loop): Amex acts as both the issuer (the bank that gives you the card) and the acquirer (the entity that talks to the merchant). Because they own the whole "loop," they have a direct relationship with both parties. This allows for a premium, data-rich ecosystem, but it's a private club where Amex sets all the rules.
* Visa & MasterCard (The Open Loop): These aren't banks; they are networks. They connect thousands of different banks.
For someone outside of sales or finance, the Open Loop model feels entirely counterintuitive. In a normal world, if I give you a service, you pay me. In the credit card world, the merchant pays to get paid. They hand over a percentage of the sale to the issuer (your bank) and the acquirer (the merchant's bank) just for the privilege of accepting the digital "promise" of money. The book highlights how this "merchant discount rate" is the hidden tax that funds our credit card rewards. And don’t forget that we are also giving up our consumption preferences as data to be processed, sold, or utilized for the network.
Venmo: The Social Ledger
The heart of the book’s thesis lies in Venmo. By adding a social feed to a transaction, Venmo turned a boring bank transfer into a shareable occurrence.
The transaction isn't just about settling a $20 bar tab; it’s about the emojis used, the inside jokes shared, and the public acknowledgment of who you spent your Friday night with. This "social proof" turns payment into a performance, effectively making our spending habits a new form of social media content.
Corporate Currency: The Loyalty Trap
One of the more sobering sections of the book discusses "private money"—specifically Starbucks loyalty cards and airline mileage.
* The Starbucks Bank: Customers hold billions of dollars in Starbucks balances, effectively giving the company an interest-free loan.
* The Devaluation Risk: Unlike the US Dollar (which has its own issues), airline miles and "stars" are currencies where the issuer is also the central bank. If an airline decides your 50,000 miles are now worth half a flight instead of a whole one, they can change the rules overnight. You are earning "money" in a system where the house always wins and the goalposts are on wheels.
Final Verdict
New Money is a wake-up call for anyone who thinks a digital wallet is just a digital version of a leather one. It’s an insightful, slightly witty, and deeply necessary look at how the way we pay is changing who we are.
Payment has evolved from a cold, private utility into a vibrant, public-facing social tool is laid bare. The book explores how we stopped just "buying things" and started "broadcasting" our consumption. It’s a fascinating look at the plumbing of our economy and how that plumbing is being redesigned to capture our attention as much as our cash.
The Architecture of the Swipe: Closed vs. Open Loops
The book does an excellent job of demystifying the invisible rails that move our money. It highlights the fundamental difference between how companies like American Express operate versus the giants like Visa and MasterCard.
* American Express (The Closed Loop): Amex acts as both the issuer (the bank that gives you the card) and the acquirer (the entity that talks to the merchant). Because they own the whole "loop," they have a direct relationship with both parties. This allows for a premium, data-rich ecosystem, but it's a private club where Amex sets all the rules.
* Visa & MasterCard (The Open Loop): These aren't banks; they are networks. They connect thousands of different banks.
For someone outside of sales or finance, the Open Loop model feels entirely counterintuitive. In a normal world, if I give you a service, you pay me. In the credit card world, the merchant pays to get paid. They hand over a percentage of the sale to the issuer (your bank) and the acquirer (the merchant's bank) just for the privilege of accepting the digital "promise" of money. The book highlights how this "merchant discount rate" is the hidden tax that funds our credit card rewards. And don’t forget that we are also giving up our consumption preferences as data to be processed, sold, or utilized for the network.
Venmo: The Social Ledger
The heart of the book’s thesis lies in Venmo. By adding a social feed to a transaction, Venmo turned a boring bank transfer into a shareable occurrence.
The transaction isn't just about settling a $20 bar tab; it’s about the emojis used, the inside jokes shared, and the public acknowledgment of who you spent your Friday night with. This "social proof" turns payment into a performance, effectively making our spending habits a new form of social media content.
Corporate Currency: The Loyalty Trap
One of the more sobering sections of the book discusses "private money"—specifically Starbucks loyalty cards and airline mileage.
* The Starbucks Bank: Customers hold billions of dollars in Starbucks balances, effectively giving the company an interest-free loan.
* The Devaluation Risk: Unlike the US Dollar (which has its own issues), airline miles and "stars" are currencies where the issuer is also the central bank. If an airline decides your 50,000 miles are now worth half a flight instead of a whole one, they can change the rules overnight. You are earning "money" in a system where the house always wins and the goalposts are on wheels.
Final Verdict
New Money is a wake-up call for anyone who thinks a digital wallet is just a digital version of a leather one. It’s an insightful, slightly witty, and deeply necessary look at how the way we pay is changing who we are.
July 11, 2024
This was slightly disappointing. The two chapters on the evolution of money as communication were solidly written overview-of-history type pieces, which was useful for my purpose. And it was an area that was clearly the most familiar to the author. The chapters that followed however were thin on both detail and insight. More than a couple of moments in the book felt like crypto-anarchy soft-selling, which is fine if the author had taken that position with less subtlety and proceeded to do the selling. This book is pro-currency future. I am open to being convinced I just wished that the text had worked a little harder.
April 19, 2021
Money as Imagined Communities is what the author is seeming to get at. Basically money and the type of money used whether cash, debit, credit, rewards points says something about you as an individual but that also creates the community that you belong to. It is interesting to think of money as a marketing mass media mechanism and its transition to a social media type mechanism where different types of money exist in different spaces.
January 12, 2021
The author clearly does not know what she is talking about. She knows neither monetary theory, not the technology behind modern payment systems. She keeps getting distracted by topics, that are completely irrelevant to the theme of the book, like Donald Trump and social justice. Waste of time.
December 23, 2020
This is a really good book. Maybe a bit too American for me, but it was very well researched and well set out.
March 14, 2022
A greedy governmental bureaucrat who needs more ”published works” in order to take more money from the taxes collected from the working people.
June 16, 2023
Buena introducción a como funciona el dinero y que significa socializar el dinero.
November 11, 2025
Some interesting details on the history of credit cards and the inner workings of credit cards companies but very shallow on the main idea of the book itself.
Displaying 1 - 11 of 11 reviews