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It's a scale thing, I think. In NZ if you are a bank wanting to introduce new technology for payments then you have exactly 5 other banks that you need to get o
by zb 10y ago
It's a scale thing, I think. In NZ if you are a bank wanting to introduce new technology for payments then you have exactly 5 other banks that you need to get on board. In the US there's many thousands.
e.g. The NZ banks jointly own the company that processes EFTPOS payments. A system like that could never emerge in the US. Instead, people have debit cards, which are manageable because they go through the credit card companies and there are only a handful of those.
But yeah, it's all incredibly primitive and fraud-prone compared to NZ or Europe (I've lived in all three).
- ido 10y agoScale might explain NZ but not the EU?
- palunon 10y agoWell, the EU isn't a country. Scale might explain it for individual countries situation
- icebraining 10y agoWell, the EU isn't a country. But it still has introduced SEPA over its whole area. If anything, a country should have less of a problem than a still somewhat disjoint union of 28 countries.
- deadtofu 10y ago"Collectively owned" sounds too socialist for most (uniformed) US voters unfortunately.
- icebraining 10y agoUS banks, through their American Bankers Association, already collectively own the Corporation for American Banking, which provides services to all banks. The average voter might have misgivings about collective ownership, but banks will hardly let it get in the way of their business.
- toomanybeersies 10y agoYou're right there. NZ introduced a new interbank transfer system about 5 years back I think, and by the end of this year, all the banks are going to be on it, ANZ is the only bank that isn't right now. It means that instead of inter-bank transfers being processed once a day at closing, they're now processed hourly.