Noca, CEO PJ Gupta told me, does not enable credit of any sort. Rather, it's a financial interchange platform that lets consumers pay for goods through direct checking account withdrawals.
Gupta told me he was formerly in charge of Visa's network architecture, and that Noca is built in a more efficient way. "There's no reason to use IBM servers today," as the credit card processing companies do. "There are two to three order of magnitude of inefficiencies there."
It's funny how often we do things this way just because that's the way we always have.
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