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"An admirably lucid new book".

Gillian Tett, Chair of Editorial Board and Editor-at-Large, US, The Financial Times 

"The Payoff is excellent reading"

Professor Alistair Milne, Loughborough School of Business and Economics


"An excellent and important book. Payments are transforming our society and our lives, and yet few people understand what’s driving the change, or what the consequences could be, for good or ill. Hugely engaging and accessible, “The Pay Off” demystifies this critical subject for the layperson and policy makers alike”

Natalie Ceeney CBE, Chair, Access to Cash Review

“What happens when we make a payment is literally a multi-billion dollar question. This is a fascinating and entertaining insight into those seconds between clicking a button and money appearing in far-off accounts – and the changing face of those who profit.”

Dharshini David, Author of The Almighty Dollar

“The world of payments is complex and confusing, but hugely important. The authors have produced a comprehensive, authoritative and even, at times, amusing, guide. I have read nothing better on a subject which increasingly preoccupies both commercial and central banks.”

Howard Davies, Chairman of the NatWest Group, and former chairman of the FSA

Everyday, everyone in every country engages in the act of making a payment. The humble payment takes for granted the complex and continuously evolving pipes and plumbing that underpin and power the world's economy. We talk about the importance of financial education: this is a clearly articulated and informative insight into this critical world from corn to cash to crypto told in a brilliantly engaging fashion – a should-read for students and business professionals alike.

Sarah Williams-Gardener, CEO Fintech Wales and founding member of Starling Bank.

"Lucid and stimulating – this book sheds light on the scale [and pace] of the digital-money revolution that we are living through”

Huw van Steenis, Author Bank of England Future of Finance Report and Chair Sustainable Finance UBS

"An accessible, thorough primer on the money technologies that make our world go round but few really people understand”

Lana Swartz, Author of New Money: How Payment Became Social Media

“The Pay Off sounds like a thriller and it reads like one. The authors succeed in demonstrating ‘networks are an inexhaustibly interesting subject’ with wit and panache.  The book was written with a twinkle in the eye and brought a twinkle to mine. Accessible and erudite, entertaining and enriching, The Pay Off delivers.”

Tim Frost, Former Director of the Bank of England and Chair of Cairn Capital

"The global payment system is the biggest thing that people generally know nothing about. The authors have managed to explain it in a way which is both engaging and intriguing, and it is hard to imagine anyone, from financial professional to general reader, not finding it fascinating. As technology begins to revolutionise payments, this book has never been more sorely needed.

Simon Gleeson, Partner Clifford Chance and Author of The Legal Concept of Money

"The Pay Off will change the way we read and think about payments. Fascinating, thrilling, intriguing and well written, with deep inside knowledge and understanding of the world of payments, Gottfried Leibbrandt and Natasha de Terán are taking us to a future with endless possibilities, never losing sight of possible risks and wrong turns.”

Jochen Metzger, Payments Executive, Frankfurt am Main

"Whenever you buy or sell something, you use a payments system but, do you ever wonder how that system works? It’s like plumbing or electricity maybe, but it is actually far more complex as it is changing fast thanks to technology. You used to pay with cash, then with a click, now with a swipe or with a touch. What’s next? How does all of this work? The Pay Off provides a wonderful deep-dive into the subject […]. In this book, you find so many useful insights about the past, present and future of payments that anyone who is vaguely interested in politics, economics and the world of finance should pick it up and read it. NOW!

Chris Skinner, The Finanser, Author, Commentator and Troublemaker

"Payments are the most important things most people have probably never even thought about. Banks, tech companies, Central Banks, crypto firms and crooks all know that if you control payments, you may also control critical data and ultimately the world. The Pay Off cleverly dissects the workings and future of this geopolitical and technological war. A must read for anyone in business.”

Bob Wigley, Chair, UK Finance, and Author of Born Digital: The Story of a Distracted Generation

"A really interesting book, going through the history of how we have paid for things in the past, as well as looking at how payments could change in the future. If you have never thought about the plumbing system that guides all our payments to the places they need to reach, then this may be an eye-opener”

Baroness Ros Altmann, Life peer and political campaigner on pensions

"A long overdue, highly readable and authoritative account of the uses and occasional abuses of the systems on which we all rely, and how they are still rapidly changing, that both specialists and the general reader will find informative and entertaining.”

Mark Yallop, Chair, FICC Markets Standards Board, Former External Member, Prudential Regulatory Committee at the Bank of England, Former External Member, Financial Market Infrastructure Board at the Bank of England

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