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Illustration of the Alipay super app connecting payments, merchants and financial services

Closed-Loop Payments

Alipay: Payment System or Digital Economy? | Closed-Loop Payments #5

Is Alipay a payment system, or a digital economy? In the previous post we discussed how Starbucks shows that payment systems can evolve into a different structure. At first the goal was to make payment easier for the customer. As the system grew, loyalty programs...

Illustration of a closed-loop payment ecosystem growing through loyalty, data, and new services

Closed-Loop Payments

Why Do Closed-Loop Payment Systems Want to Grow? | Series #6

Why does a coffee chain build its own loyalty program, and why does a payment app keep adding services? This post looks at how loyalty, data, and new services drive the growth of closed-loop payment systems, and at the financial layers behind that growth.