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In Germany we have a system called 'giropay', which is basically instant wire transfer via your online banking. With this system the merchant gets a guarantee f
by namibj 9y ago
In Germany we have a system called 'giropay', which is basically instant wire transfer via your online banking. With this system the merchant gets a guarantee from the consumer's bank (as it seems, but I am not sure who in the pipeline eats the cost, as the contracts are ask-only), so that even if there was fraud, he will not loose the money.
This does limit it to 10k EUR per transaction, which should be enough.
The merchant receives the money within 2 bank days in his account, and the max fees for the merchant are 0.89% with a minimum of 33ct, but volume discounts seem likely.
What I don't understand, is why the US was not able to set such a system up, but I assume it's related to the general distaste for chip+pin, as well as any sensible security mechanisms for online banking. Yes, pushTan and mobileTan are usable, but they only work if you have a phone you trust with the deductible applicable in case of pishing, or, if you have actual reason to not trust it, the daily online banking limit.
- johnymontana 9y agoBanks and credit card companies in the US have a vested interest in ensuring that credit cards are used to purchase goods and services on credit. In 2017 total credit card debt in the US was ~$941 billion.[1] At an average rate of 15%[2] that's $141 billion per year that banks make on credit card debt interest (not counting interest on interest and fees). [1] https://www.nerdwallet.com/blog/average-credit-card-debt-household/ https://www.nerdwallet.com/blog/average-credit-card-debt-hou... [2] https://www.creditcards.com/credit-card-news/interest-rate-report-081413-unchanged-2121.php https://www.creditcards.com/credit-card-news/interest-rate-r...
- draw_down 9y agoAs a consumer why would I change payment methods in order to bolster the merchant's certainty that they will receive their money? I suppose the ultimate answer is "fees", but those are hidden in the prices. And who is to say that the increased margin won't simply go in the merchant's pocket? Rather, what I care about as a consumer WRT payment methods is simply convenience. Apple Pay is probably the best one I've ever used, very simple and quick to pay.
- LeonidasXIV 9y ago> In Germany we have a system called 'giropay', which is basically instant wire transfer via your online banking I never saw a shop accept these. Most of the times it is a regular wire transfer, sometimes PayPal with fees or via invoice. Nowadays many shops also do credit card.
- zufallsheld 9y agoI know steam accepts it. If you scroll down here (https://www.giropay.de/haendler/ https://www.giropay.de/haendler/) you can see that several more big shops (albeit not many) accept giropay.