{"canonical_url":"https://agenticpayments.dev/cuts/cut-0101","claims":[{"o":"cap+scope+expiry+revoke","p":"requires-properties","q":{"era":"agentic"},"s":"agent-allowance"},{"o":"custody-and-float-risk","p":"concentrates","q":{"basis":"ppi-india"},"s":"agent-wallet-balance"},{"o":"parental-and-corporate-card-controls","p":"proven-by","s":"allowance-model"}],"content_hash":"sha256:9d554e4e4fa37aaf0e4d0b42173f89c11c29477d592dc2e6687662758c3edc5d","entities":{"agentic-payment":"lexicon/agentic-payment","allowance":"lexicon/allowance","mandate":"lexicon/mandate"},"gist":"Delegated agent spend should be structured as allowances (cap, scope, expiry, one-gesture revoke) rather than wallets (custodial balances), because allowances are the only delegated-money model ordinary users can reason about and they avoid custody/float regulatory exposure.","id":"cut-0101","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0215","type":"supports"},{"target":"cut-0102","type":"derives-from"}],"sig":"ed25519:k5aI/q5MZhKwz26yEV7i/OnFaOyubKcR49w1F4GZUqdB3c2vfptGmDqMLvPtc2UpvNCO3lXJ6cXTnAjbc2Z6BQ==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Allowances, not wallets\" (cut-0101), July 2026, https://agenticpayments.dev/cuts/cut-0101","superseded_by":null,"valid_as_of":"2026-07-06","version":1}
{"canonical_url":"https://agenticpayments.dev/cuts/cut-0102","claims":[],"content_hash":"sha256:3e3781a908bcaeed717b1106443583c0f5c7ee0f4ad6e98d9ae9eeeec70eb6d4","entities":{},"gist":"Before UPI, sending money to a friend in India meant wallets — Paytm, MobiKwik, FreeCharge — prepaid balances behind separate KYC walls. At Mypoolin we were building Asia's first social payments app, Venmo-shaped, and the only P2P infrastructure available was whatever APIs we could talk the incumbent wallets into exposing. We spent two years scaling on top of that, friction included: users had to load money into a wallet before they could send any of it.","id":"cut-0102","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0101","type":"related"},{"target":"cut-0216","type":"related"}],"sig":"ed25519:MivlAdH22dJ2e6VX8c4OmFtX4yYwvBkuthkWvTsH97tddCksfa8slVLAUHuwdLPPuSDSZgiS/naGTJarjqzoBQ==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Early to UPI, still shaped like a wallet\" (cut-0102), July 2026, https://agenticpayments.dev/cuts/cut-0102","superseded_by":null,"valid_as_of":"2026-07-06","version":1}
{"canonical_url":"https://agenticpayments.dev/cuts/cut-0200","claims":[],"content_hash":"sha256:5f32a1d522f4fd9d54c604770c8cd943d848c6f2e0310468c3d636d18e3336d0","entities":{"settlement":"lexicon/settlement","two-clocks":"lexicon/two-clocks"},"gist":"Every payment system runs two clocks. The **experience clock** is the one the payer watches: tap, spinner, tick. The **money clock** is the one the banks obey: clearing files, netting windows, settlement finality. No mainstream system keeps the two synchronized, because synchronizing them is expensive and hiding the gap is cheap.","id":"cut-0200","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0203","type":"related"},{"target":"cut-0211","type":"related"}],"sig":"ed25519:wOXYLLg185MpPyWxbxSzKuMS4Jnl4zs5OQHZyO7ho9iWUSsXerhXBsJxqTIs+RgRhY09C5K9qWB80aQrFuVvBQ==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Every payment system is two clocks\" (cut-0200), July 2026, https://agenticpayments.dev/cuts/cut-0200","superseded_by":null,"valid_as_of":"2026-07-06","version":1}
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{"canonical_url":"https://agenticpayments.dev/cuts/cut-0203","claims":[],"content_hash":"sha256:43eeb6802e640fb28c41d272cd2c6f148743d0e59cf75db66ee2ce0765a24064","entities":{"credit-push":"lexicon/credit-push","mandate":"lexicon/mandate"},"gist":"In a **credit-push** system, the payer's side initiates: money leaves my bank because I told my bank to send it. In a debit-pull system, the payee's side initiates: money leaves my account because someone presented my credentials and asked for it. Cards are pull. UPI's default flow is push — even the \"collect request\" is just a message asking me to push.","id":"cut-0203","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0200","type":"related"},{"target":"cut-0201","type":"related"}],"sig":"ed25519:My6+AmCH2TwS5KCrCB2rERxRDtoJ/1oTKS+qMrISYbS/B48s7CwyDhMyu/DxtG/RcRQdL4Mu3Fl2oUHvPkxaCQ==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"UPI is credit-push by design\" (cut-0203), July 2026, https://agenticpayments.dev/cuts/cut-0203","superseded_by":null,"valid_as_of":"2026-07-06","version":1}
{"canonical_url":"https://agenticpayments.dev/cuts/cut-0211","claims":[],"content_hash":"sha256:47edde802b9660268d8376318293aafc85ac1340adb40f2799ceaed1b4889332","entities":{"settlement":"lexicon/settlement"},"gist":"When a card is approved at checkout, no money moves. **Authorization is a promise** — the issuer says \"I will probably honor this\" and places a hold. **Clearing is an invoice** — the actual claim arrives later in a batch file. **Settlement is the money** — funds move between banks days after the customer left the store. And for months afterward, the whole thing can be unwound by a dispute.","id":"cut-0211","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0200","type":"related"},{"target":"cut-0212","type":"related"}],"sig":"ed25519:l+v0cgLa+6FqE4cHPFY1oiFaDfFpWNYt6IgT+MY1I7KtGOEzQ49gN9u5MS43PqeZKdn57YiJMVDB0P9nQl5eCg==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Every swipe is a loan\" (cut-0211), July 2026, https://agenticpayments.dev/cuts/cut-0211","superseded_by":null,"valid_as_of":"2026-07-06","version":1}
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{"canonical_url":"https://agenticpayments.dev/cuts/cut-0216","claims":[],"content_hash":"sha256:7631a5bf56de09a587e4d83487590c4be4ef2104ecca2a2d0d6f50b80808d818","entities":{},"gist":"Post-UPI, Mypoolin finally had what we'd wanted all along: peer-to-peer and group payments with real traction, on a rail that was free, universal, instant. Then the giants noticed the category. WhatsApp launched payments inside the app India already lived in. Google Pay launched with cashbacks — real money, spent at a scale that redrew DAU charts. We were a startup. We could not buy users back.","id":"cut-0216","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0102","type":"related"},{"target":"cut-0212","type":"related"}],"sig":"ed25519:T4gF+ZKI7esu87MgkrQ1zql2X5bTbPwtLAEJz/X3gMvSUgn1dEwZrFE1lpRb0K3HojUx1RkymIEeVxLl6L08Aw==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"The ledger was not a moat\" (cut-0216), July 2026, https://agenticpayments.dev/cuts/cut-0216","superseded_by":null,"valid_as_of":"2026-07-06","version":1}
{"canonical_url":"https://agenticpayments.dev/cuts/cut-0300","claims":[],"content_hash":"sha256:82cb23052c78ef56c363c9742ed4573a9462c8717e84d95a0f59f8eefdaa391b","entities":{"agentic-payment":"lexicon/agentic-payment"},"gist":"In 2021, mapping the embedded-lending value chain, I described the embedding platform's role in three words: **agent of the borrower**. A vertical-SaaS platform that surfaces credit inside its own workflows sits on the borrower's side of the table — it sees their cash flows, anticipates their needs, and its incentives ride on their survival, not on loan volume. The alignment, not the distribution, was the whole point.","id":"cut-0300","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0101","type":"related"},{"target":"cut-0302","type":"related"}],"sig":"ed25519:6gTudoBfg7HaKBBVQtKSvzzmJ7OQ6NdkOqMpigV63wT/Pnp9MAaYB5xFT5H4mc5sLuFyDTPEc9EBE5BxpCXEAA==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Agent of the borrower\" (cut-0300), July 2026, https://agenticpayments.dev/cuts/cut-0300","superseded_by":null,"valid_as_of":"2026-07-07","version":1}
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{"canonical_url":"https://agenticpayments.dev/cuts/cut-0302","claims":[],"content_hash":"sha256:2f8a292b9d80e9021059cded8fa745435eb9be08b21605d69aa263ad40810f66","entities":{"mandate":"lexicon/mandate"},"gist":"Traditional lending is reactive: a business feels the squeeze, applies, and a stranger reconstructs its life from bureau files and bank statements. Embedded lending inverted the sequence. The platform already holds the operating truth — orders, invoices, refunds, seasonality — so for the first time a lender could anticipate a business's needs *before they arise* and surface credit at the moment of need instead of the moment of application.","id":"cut-0302","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0300","type":"related"},{"target":"cut-0301","type":"related"}],"sig":"ed25519:6dt3zyo9yGwZE0bPmNpEPTsemMfNa4uZByX0hk5DnZQLG25TjjQ+wR61u1y0OVRL2tjII0Ds+CloRZzrmPEjBA==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"The transaction log is the credit file\" (cut-0302), July 2026, https://agenticpayments.dev/cuts/cut-0302","superseded_by":null,"valid_as_of":"2026-07-07","version":1}
{"canonical_url":"https://agenticpayments.dev/cuts/four-things-anyone-can-bring-to-a-loan","claims":[{"o":"new-row-not-new-column","p":"is","q":{"era":"universal"},"s":"value-chain-entrant"},{"o":"data","p":"adds-value-along","s":"borrower"},{"o":"distribution+data","p":"adds-value-along","q":{"secondary":"capital+technology"},"s":"embedding-platform"},{"o":"technology","p":"adds-value-along","s":"fintech-infra-provider"},{"o":"data","p":"adds-value-along","q":{"secondary":"technology"},"s":"data-aggregator"},{"o":"data","p":"adds-value-along","q":{"secondary":"technology"},"s":"derived-data-provider"},{"o":"technology","p":"adds-value-along","q":{"secondary":"data"},"s":"payments-services-provider"},{"o":"data","p":"adds-value-along","s":"credit-bureau"},{"o":"technology","p":"adds-value-along","q":{"secondary":"data"},"s":"underwriting-modeller"},{"o":"capital","p":"adds-value-along","s":"lender"},{"o":"distribution+data","p":"adds-value-along","q":{"era":"agentic","secondary":"technology"},"s":"borrower-agent"},{"o":"embedding-platform","p":"competes-with","q":{"columns":"distribution+data"},"s":"borrower-agent"}],"content_hash":"sha256:7977ab211d618f52fc6e72ccb4acd8038d6a72e09e9b75515590fa3951123759","entities":{"agentic-payment":"lexicon/agentic-payment","mandate":"lexicon/mandate"},"gist":"Every participant in the lending value chain adds value along one or more of four dimensions — capital, distribution, data, technology. New entrants are new rows in that grid, never new columns: an actor that cannot name its column is not in the chain. The borrower's agent enters as a distribution+data row, which puts it in direct competition with the embedding platform for the same two columns.","id":"cut-0303","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0300","type":"derives-from"},{"target":"cut-0302","type":"supports"}],"sig":"ed25519:MaejXAEGAoPRZ6LIvpOkNpfuu8wtmLnvJKmy8u3Z4+lwZZH31E7TOo7UUh3FjDF6b76i6jhwvO3eujuoaLgXDA==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Four things anyone can bring to a loan\" (cut-0303), July 2026, https://agenticpayments.dev/cuts/four-things-anyone-can-bring-to-a-loan","superseded_by":null,"valid_as_of":"2026-07-07","version":1}