jerome cle @cle_jerome
Chairman, Outlaw Games & Marshal Pay. Card payments that settle straight to self-custody — no intermediary holding your money. marshal-pay.com Dubai - Singapore Joined March 2013-
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@sytaylor Netting isn't only an efficiency trick — it's how the reversal window gets funded. A card payment can come back for 120 days; an onchain transfer can't come back at all. Strip out the netting layer and that gap has to be priced somewhere. Most attempts find out in month four.
@HadickM Agree on direction; the data keeps pushing the timing out. Visa's own settlement run-rate is 0.12% of throughput. Where volume actually moved, it moved to A2A — Indian debit fell 67% 2021-25 while credit grew to 5.7bn. Is the real case B2B cross-border, not consumer?
All 12 slides are here, no login needed: linkedin.com/feed/update/ur…
Visa takes 24 basis points of every dollar it carries. Mastercard 31. Adyen — the best-run listed acquirer on those same rails — takes 17. The rail owner takes more per dollar than the processor sitting on it. And the market pays 26.3x EV/EBITDA for that, against 5.5x for the four listed acquirers. That 4.8x gap isn't sentiment. It's the difference between a spread and a toll. A spread gets competed down. A toll only ever gets regulated. Which means any payments business that can't say why its fee survives competition will be priced as though it won't. Three things surprised me putting this together: Stablecoins are not taking card volume. Visa's own settlement run-rate is 0.12% of throughput. What actually killed card volume was UPI — Indian debit transactions fell 67% from 2021 to 2025 while credit cards went from 2.16bn to 5.7bn. Account-to-account rails, not chains. Strip settlement assets and customer float out of the balance sheets and half the league table moves. Leave them in and you're calling other people's money corporate cash. Worldline trades at 4.0x earnings and yields nothing on free cash flow. That isn't a bargain hiding in plain sight. That's terminal decline, priced correctly. 12 slides, FY2025 results, prices at 18 September. If you work in this and I've got something wrong, I want to hear it.
Full 12 slides — reply or DM and I'll send it over.
Six weeks ago Marshal Pay was a proof of concept. This month it's a company. The settlement was never the hard part. Cards reverse for 120 days. Chains don't reverse at all. Everyone who's tried this has died in that gap — quietly, in month four, when the chargebacks arrive. We don't pretend the gap isn't there. We price it. Next phase: making it survive real volume.
@daniel_playsss @RoundtableSpace @outlawgamefi Struck at authorisation, not settlement. Otherwise you're carrying the spread for the customer, and that's not a business, it's a casino.
@QueenReginor @RoundtableSpace @outlawgamefi Fair question. You don't settle every transaction on-chain individually — you batch and net. Same reason card networks don't wire each purchase separately.
@JackyGohSG @RoundtableSpace @outlawgamefi Correct, and it's the whole game. Cards reverse for up to 120 days; chains don't reverse at all. Anyone telling you settlement is the hard part hasn't run a chargeback book.
@zrio_o @RoundtableSpace @outlawgamefi Deep enough that the merchant never touches it. Same rails, same terminal, same reconciliation as today. The Web3 half only exists on the settlement leg. That's the design — the integration is invisible to exactly the people who'd otherwise refuse to do it.
@Maraclaraa2x @RoundtableSpace @outlawgamefi That's the intent, though I'd put it the other way round. We're not bringing people into crypto. We're removing the reason they had to care about it.
@jainudai @RoundtableSpace @outlawgamefi For me, how much of the regulatory debate is really a custody debate wearing a different hat. Most rules exist because someone in the middle is holding your money. Take that out and the question changes shape.
@RoundtableSpace @outlawgamefi Great presentation, did it and won tokens against another player straight into my wallet
Outlaw Cup Trailer Video!!!
GM! We’re now running two official Outlaw accounts, each with its own role: @OutlawgamesHQ → The Hub. This is the official HQ for Outlaw Games. Here we’ll share project-wide updates, roadmap milestones, partnership news, and trailers. Think of it as the front door to the entire ecosystem. @Outlawgamefi → The Arena. This page focuses on the mini-games and Meme Layer — the entry point that drives attention, content, and community growth. It’s built to be fast, viral, and culture-first. We’re excited to share everything we’ve been building very very soon. 🤠 🧲
Investing in a full new payment network named SafaCard, the Best is to come...
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