Ep. 168 - One Rail, One Price: Taking the Credential out of Payments, with Mica, live from Money 20/20 USA 2026

In the latest episode of The Payments Shed Podcast, filmed live from Money20/20 USA 2026 in Las Vegas, Sarah Stapp is joined by Mike Ward, CEO of Mica, for a special conversation exploring why the payments industry continues to operate across fragmented rails, whether stablecoins really solve the problems they're promising to fix and why the future of payments could look very different if we rethink how transactions are authorised and priced. From traditional cards and bank accounts to stablecoins, loyalty points and digital wallets, the payments ecosystem has become increasingly complex. Every new way to pay seems to introduce another integration, another set of rules and another layer of cost. Mike takes us inside Mica's vision for bringing different forms of value together through a single payment rail, challenging the assumption that every payment method needs its own dedicated infrastructure. The conversation begins with the growing fragmentation of payments infrastructure. Sarah and Mike explore why the industry continues to build separate systems for different types of value and whether stablecoins genuinely address the challenges of speed, fraud and flexibility. They also unpack Mica's Multi-Tender approach, examining how a consumer could combine loyalty points, coupons and a debit card within a single authorisation rather than treating each as a separate transaction. A major focus is the idea of removing reusable payment credentials from the authorisation process altogether. Card numbers, tokens, vaults and the infrastructure required to protect sensitive credentials have become fundamental parts of the modern payments ecosystem. Sarah and Mike also tackle the evolving relationship between banks, stablecoins and emerging payment infrastructure. While stablecoins are often positioned as an alternative to traditional financial institutions, Mica is exploring a model that keeps issuers involved in the payment journey. The conversation then turns to one of the industry's most established commercial models: percentage-based transaction pricing. Why should a £2,000 purchase cost significantly more to authorise than a £100 transaction when the underlying technical process may be largely the same? They also examine who benefits from the existing pricing model and where resistance to change might emerge. As merchants continue to scrutinise payment acceptance costs, Sarah and Mike discuss whether separating transaction value from processing fees could fundamentally change the economics of payments, and what it would take for a different commercial model to gain traction. Plus, Mike takes on The Payments Shed's legendary Shelf of Shame, challenging one of the industry's longstanding approaches to payment authorisation that he believes deserves to be left behind. *** The Payments Shed Podcast is sponsored by Cyclops. Cyclops helps payments companies offer crypto acceptance, stablecoin settlement and payouts through one unified infrastructure platform. Find out more: https://cyclops.finance/ The Payments Shed Podcast is sponsored by Salesloft. Salesloft uses agentic AI to turn buyer, conversation, deal and forecast data into clear actions that help revenue teams sell smarter. Find out more: https://www.salesloft.com The Payments Shed Podcast is sponsored by Mastercard Open Finance. Mastercard Open Finance enables businesses to use consumer-permissioned financial data to create more connected and personalised financial experiences. Find out more: https://www.mastercard.com/global/en/business/open-finance.html The Payments Shed Podcast is partnered with PCN. PCN is a global boutique recruitment agency connecting leading talent and businesses across fintech, cybersecurity, SaaS, e-commerce and Salesforce. Find out more: https://teampcn.com/ Disclaimer: Views expressed are those of The Payments Shed Podcast hosts and guests, not their respective employers. Nothing discussed constitutes investment, legal, tax or financial advice.