Visa is AT&T in 1995.
Hear me out.
AT&T charged per-minute for calls. Visa charges per-tap for payments. Both built proprietary networks. Both claimed alternatives were impossible.
Then VoIP happened. Same phone. Same call quality. No per-minute charges. The network was replaced by a protocol.
OpenPasskey is doing the same thing to card networks.
Same EMV tap. Same terminal. Same sub-500ms experience. But the network underneath is different: P-256 cryptography, on-chain settlement via RIP-7212 on Base L2, AUD stablecoins. No interchange. No scheme fees. No 2-3 day settlement.
The IIN from ISO is the key. It lets any terminal recognize our card, just like it recognizes Visa. We're not asking merchants to install new hardware. We're upgrading the rails under their existing setup.
3,200+ users across 20+ Sydney cafes. 45,509 transactions. Built by 3 people with zero funding.
The RBA just banned card surcharges in Australia. The surcharge was the symptom. The 0.3-0.8% extraction by intermediaries was the disease. The ban hides it. OpenPasskey removes it.
Blackbird Giants Cohort 11. Australia's largest VC recognized the pattern.
The card networks are the next telcos. The question isn't if, it's when.
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