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The Pay Off
How we pay is so fundamental that it underpins everything - from trade to taxation, stocks and savings to salaries, pensions and pocket money. Rich or poor, criminal, communist or capitalist, we all rely on the same payments system, day in, day out. It sits between us and not just economic meltdown, but a total breakdown in law and order. Why then do we know so little about how it really works?
As you read this, technology is dismantling payment barriers and governments are erecting them; cash is on the way out, and crypto and BigTech are fighting their way in. The Europeans are heavily regulated, the Americans oddly backward, and the Chinese hoping to lead the way forward. Challenging our understanding about where financial power really lies, The Pay Off shows us that the most important thing about money is the way we move it.
Leibbrandt and De Terán shine a light on the hidden workings of the humble payment - and reveal both how our payment habits are determined by history as well as where we go from here. From national customs to warring nation states, geopolitics will shape the future of payments every bit as much as technology.
As you read this, technology is dismantling payment barriers and governments are erecting them; cash is on the way out, and crypto and BigTech are fighting their way in. The Europeans are heavily regulated, the Americans oddly backward, and the Chinese hoping to lead the way forward. Challenging our understanding about where financial power really lies, The Pay Off shows us that the most important thing about money is the way we move it.
Leibbrandt and De Terán shine a light on the hidden workings of the humble payment - and reveal both how our payment habits are determined by history as well as where we go from here. From national customs to warring nation states, geopolitics will shape the future of payments every bit as much as technology.
292 pages, Kindle Edition
Published July 1, 2021
76 people are currently reading
559 people want to read
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Displaying 1 - 20 of 20 reviews
September 8, 2021
They say that money makes the world go round. It doesn’t, but it is the fuel and blood of the modern world. Unless you are off-grid and living in a self-sufficient way, almost everything that you need or want will involve a financial transaction of some form or other. Cash was once king, but since the pandemic, that has become less popular with the rise of contactless payments becoming the norm in almost all places now.
Payments to and from people and companies banks and governments are some staggering amount each and every day. It is constant and unremitting and we are utterly reliant of them and most importantly them never ever breaking down. If that were ever to happen for even a short time there would be a fairly large economic breakdown and for even a short period of time, there would be a partial or total breakdown in law and order.
But this system is beginning to change. Banks are slowly starting to lose control as the tech wizards see a money-making opportunity in the new disruptive technologies that they are starting to launch. Some of these are new ways of paying using the current way that money moves, but some are reimagining the actual form that money will take.
But how does it actually all work? And should I care anyway?
Leibbrandt and De Terán are very well versed in the hidden systems that keep our democracies alive and functioning. In this book they will take us through all manner of payment systems, from the origins of cash, how the first credit cards were made from cardboard and the detail was written out by hand for each transaction (can you imagine that now) and what the dawn of cryptocurrencies mean for us. Where there is money there are often criminals and they talk about the rise of fraud and the methods used to combat it as well as a chapter on the attempt by North Korea to steal $1billion dollars.
I thought this was an informative and accessible guide to the modern financial world. It had the right balance between the narrative story and details without getting too technical or full of incomprehensible jargon. Worth a read if the world of money feels too baffling.
Payments to and from people and companies banks and governments are some staggering amount each and every day. It is constant and unremitting and we are utterly reliant of them and most importantly them never ever breaking down. If that were ever to happen for even a short time there would be a fairly large economic breakdown and for even a short period of time, there would be a partial or total breakdown in law and order.
But this system is beginning to change. Banks are slowly starting to lose control as the tech wizards see a money-making opportunity in the new disruptive technologies that they are starting to launch. Some of these are new ways of paying using the current way that money moves, but some are reimagining the actual form that money will take.
But how does it actually all work? And should I care anyway?
Leibbrandt and De Terán are very well versed in the hidden systems that keep our democracies alive and functioning. In this book they will take us through all manner of payment systems, from the origins of cash, how the first credit cards were made from cardboard and the detail was written out by hand for each transaction (can you imagine that now) and what the dawn of cryptocurrencies mean for us. Where there is money there are often criminals and they talk about the rise of fraud and the methods used to combat it as well as a chapter on the attempt by North Korea to steal $1billion dollars.
I thought this was an informative and accessible guide to the modern financial world. It had the right balance between the narrative story and details without getting too technical or full of incomprehensible jargon. Worth a read if the world of money feels too baffling.
November 2, 2021
A good introduction to the Payments landscape, with a detailed panoply of the various payment services from the traditional to the fintech. A good read for anyone new to the payment space.
October 21, 2024
It took me exactly 15 months and 1 week to read this book. Despite glowing reviews, I simply could not get into it. I had hoped this book would be an experience similar to reading “Sapiens” or “Why we sleep”, both easily digestible books that can be read by any reader irrespective of one’s prior knowledge of the topic, however I tried every trick in the book (pun intended) to inspire myself with the pay off and never got there. No pay off for me! Perhaps I had hoped this book would perform a magic trick and I would read it then miraculously become thrilled about eftpos cards, SWIFT, IBAN and crypto, but this wannabe finance girly simply crawled to the finish line instead. Two stars have been given because it is undoubtedly well-written, informative, well-researched and I could see how other people would enjoy it. Alas - not I. To any other finance girlies I know, sing out if you want to borrow it. I will gladly be proven wrong!
April 10, 2025
This is a great review of the current state of payment systems around the world and a bit of their recent history. The book starts with an overview of the decline in cash usage and the rise of credit card systems, then details how the mobile payments system works, fintech challenges to the status quo, cryptocurrency, and finishes with a sample of domestic regulatory responses and the geopolitical landscape (sanctions, money laundering, fraud, etc).
There is a ton of anecdotal storytelling weaved into the mechanics and data. For me, the book put a lot of recent events into better context, such as the development of the real-time gross payments system in the US and Europe, the proposed Facebook Libra coin, and cryptocurrency other than Bitcoin.
I thought a really informative section detailed the role that banks (both corporate and government) have in the payments system as tech companies who are better at programming but don’t have the existing network try to break in. Three examples that the book details are neobanks versus fintechs that cater to existing banks and what each are allowed to do in Europe, European “open banking” regulations governing open data sharing from traditional banks and finTechs, and the proposed central bank digital currencies under development throughout the world versus proposals by tech companies to create world currencies (i.e. Libra/Diem).
There is a ton of anecdotal storytelling weaved into the mechanics and data. For me, the book put a lot of recent events into better context, such as the development of the real-time gross payments system in the US and Europe, the proposed Facebook Libra coin, and cryptocurrency other than Bitcoin.
I thought a really informative section detailed the role that banks (both corporate and government) have in the payments system as tech companies who are better at programming but don’t have the existing network try to break in. Three examples that the book details are neobanks versus fintechs that cater to existing banks and what each are allowed to do in Europe, European “open banking” regulations governing open data sharing from traditional banks and finTechs, and the proposed central bank digital currencies under development throughout the world versus proposals by tech companies to create world currencies (i.e. Libra/Diem).
September 6, 2024
Probably one of the best books for giving the context of payments in the 2020's.
It introduces history and bring till the modern times, highlighting actors, issues, themes.
The only missing thing, in my opinion is a better explanation of the real working mechanism and a better explanation of the EU payments area.
Given this, I repeat, probably the best introductory text for speaking about payments.
It introduces history and bring till the modern times, highlighting actors, issues, themes.
The only missing thing, in my opinion is a better explanation of the real working mechanism and a better explanation of the EU payments area.
Given this, I repeat, probably the best introductory text for speaking about payments.
November 16, 2021
As someone who works in the payments industry this is a good read (and highly popular with other payment professionals). Most payments books I have read are extremely dry however this is an easy read and very up-to-date with modern examples. Informative and thought provoking with a healthy dose geopolitics.
May 15, 2022
O płatnościach i o tym jak łączą się z naszą kulturą, psychologią, relacjami, technologią, bezpieczeństwem, polityką, geopolityką. O tym, że - jak zawsze - świat nie jest czarno-biały, a raczej pełen nieoczywistych zależności.
Do tego autorzy wydają się być całkiem zabawnymi ludźmi (sądząc po stylu książki).
Do tego autorzy wydają się być całkiem zabawnymi ludźmi (sądząc po stylu książki).
September 12, 2022
Great primer on the payments sector and its far-reaching effects. While the topic may seem dry, the authors use memorable stories to demonstrate the different aspects of payments. They make the complex world of payments comprehensible.
November 19, 2022
It was interesting but I didn’t like the author’s bias toward digital currencies ... “the programmability of CBDCs could also solve another persistent headache for central bankers: how to push interest rates well below zero” they wrote gleefully. No thanks, I call that theft.
May 3, 2023
A clear and interesting overview. I would have liked more detail on certain technologies and actors, but the authors can be forgiven for keeping things moving speedily - it's an approach I normally praise.
October 6, 2023
Frightening! If it becomes a cashless society how will bank robbers make a living? How will wealthy business men pay for call girls without their wives finding out?
How will your friendly neighborhood hit man get paid?
Frightening!!
How will your friendly neighborhood hit man get paid?
Frightening!!
December 31, 2021
An excellent primer on the world of FinTech. I finally understand what VISA and Mastercard are and their role in the banking system.
August 31, 2025
It’s a good book that covers a lot of topics around payments and banking like the process, regulation, sanction, crypto etc.
September 24, 2025
Can be a bit basic if you know the topic but generally a highly lucid primer on the mechanics of money that has good consideration of its social and geopolitical dynamics
December 30, 2024
Perhaps biased since I think the payments space is really interesting and it’s what I do for work… but still a good book. I would bet most people don’t understand or know much about how the payments system works, yet it’s so prevalent in our daily lives.
July 22, 2021
Gottfried Leibbrandt and Natasha De Teran have achieved what I thought was impossible, they wrote an engaging, yet highly informative book on payments. In their own words, payments are one of the most critical aspects of money which is not very well understood. The customers usually notice it when something goes wrong, but the financial pipelines are a critical (inter)national infrastructure.
The book consists of a series of brief chapters, each focusing on a different aspect of payments. The authors take us through the history of payments, business models, innovations, regulations, geopolitics of payments and things to come (crypto and CBDC). It’s written in a journalistic style which makes it very readable but I would like to see more footnotes and references. There were some cringeworthy weasel words (‘research’) which required references but overall it was a time well-spent. Highly recommended.
The book consists of a series of brief chapters, each focusing on a different aspect of payments. The authors take us through the history of payments, business models, innovations, regulations, geopolitics of payments and things to come (crypto and CBDC). It’s written in a journalistic style which makes it very readable but I would like to see more footnotes and references. There were some cringeworthy weasel words (‘research’) which required references but overall it was a time well-spent. Highly recommended.
July 20, 2021
A latest and probably most complete overview of what payments are and how they serve society, what elements support them and what cases arise from use or misuse of these elements.
Leibbrandt is no stranger to this world having been most recently CEO of SWIFT and he is assisted by a bunch of fellow practitioners, spicing the overarching story about the foundational blocks with good cases of mistakes, happenstance innovation, failures, fraud and politics that all shape the form of the payment market.
Some cases are known and told by Joe Nocera as he told originally about Visa story in “A Piece of the Action”, or Dave Birch in his own retelling of the market past “From Babylon to Bitcoin” or “Payments Systems in the US”. Yet it’s is still refreshing to have.
Leibbrandt is no stranger to this world having been most recently CEO of SWIFT and he is assisted by a bunch of fellow practitioners, spicing the overarching story about the foundational blocks with good cases of mistakes, happenstance innovation, failures, fraud and politics that all shape the form of the payment market.
Some cases are known and told by Joe Nocera as he told originally about Visa story in “A Piece of the Action”, or Dave Birch in his own retelling of the market past “From Babylon to Bitcoin” or “Payments Systems in the US”. Yet it’s is still refreshing to have.
July 24, 2022
Money is the one of the 3 key abstractions that enable human societies to function with the other two being religion and writing. The ultimate use of money is ofcourse Payments; it’s ubiquitous and integral part of our daily lives.
The book captures the entire value chain of payments right from its origins, the participants, pitfalls as well as geopolitical repercussions. The book is easy to read and comprehend and thus could be a ready reckoner for students, aspirants or early entrants in the banking world.
The later part of the book on the geopolitical tensions around controlling payments, technological advancement and dependence was indeed interesting.
The book captures the entire value chain of payments right from its origins, the participants, pitfalls as well as geopolitical repercussions. The book is easy to read and comprehend and thus could be a ready reckoner for students, aspirants or early entrants in the banking world.
The later part of the book on the geopolitical tensions around controlling payments, technological advancement and dependence was indeed interesting.
December 19, 2021
I was offered this book as an ARC by NetGalley. As the daughter of parents who have both worked in banks at one time or another, I found it a fascinating insight into the electronic payment system. I was intrigued by the variety of solutions that have been created globally and it will be interesting to see how these systems develop in the coming years. If nothing else, it will make you aware of the cumulative action of every payment choice we each make. Very thought provoking.
December 13, 2021
A well written and interesting book on payments, which actually ends up being a tour de force through technology, history, politics, crime and economics. It's a shame he dismisses web3.0 and bitcoin, but we just remember he is a boomer and forgive.
Displaying 1 - 20 of 20 reviews