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How does effect Visa & MasterCard

by kevas 7y ago

gst 7y ago
Both companies already offer real-time payment services: Visa: https://developer.visa.com/capabilities/visa_direct https://developer.visa.com/capabilities/visa_direct Mastercard: https://www.mastercard.us/en-us/issuers/products-and-solutions/customer-needs/consumer-solutions/mastercardsend.html https://www.mastercard.us/en-us/issuers/products-and-solutio... According to https://www.forbes.com/sites/tomgroenfeldt/2019/03/15/visa-direct-is-the-engine-behind-zelle-and-venmo/ https://www.forbes.com/sites/tomgroenfeldt/2019/03/15/visa-d... >50% of Uber/Lyft drivers opt to pay a 50 cent fee to get paid in real-time instead of via ACH.
stephen_g 7y ago
Coming from a country that has had a modern payments system like this for a while - you generally still use a credit card for anything online or at stores, in an Uber or taxis, but use the real time bank payment system for paying invoices and bills, or buying a car from somebody, or sending $12 to your friend in real time because he paid for your lunch etc.
- kevas 7y ago
  Why? Why opt for two when one, I presume, is sponsored by the gov and accepted everywhere in your country?
  - asutekku 7y ago
    What do you mean? There’s usually no way to pay without credit card / debit card / cash in most countries. Contactless payments are still not as popular as they could be.
  - LowLevelHacker 7y ago
    Fees
  - stephen_g 7y ago
    I was lumping in debit cards/EFTPOS with credit cards (and of course cash is also an option in stores). If not paying with cash, you use cards/contactless in stores because the terminals are integrated into the POS systems, have instant approval feedback etc. (and literally every card terminal here has contactless that works with pretty much any card and Apple Pay etc. too, which is nice). To use a bank transfer you need to enter details (phone number or a bank number and account number) and then need either a description or reference number to match it to at the other side. And even with the New Payments Platform (fast payments), it can still take 30 seconds or so to come through. That's fine when paying an invoice or sending money to friends, but too cumbersome at a point of sale.

How does effect Visa & MasterCard

by kevas 7y ago

How does effect Visa & MasterCard

gst 7y ago

Both companies already offer real-time payment services: Visa: https://developer.visa.com/capabilities/visa_direct https://developer.visa.com/capabilities/visa_direct Mastercard: https://www.mastercard.us/en-us/issuers/products-and-solutions/customer-needs/consumer-solutions/mastercardsend.html https://www.mastercard.us/en-us/issuers/products-and-solutio... According to https://www.forbes.com/sites/tomgroenfeldt/2019/03/15/visa-direct-is-the-engine-behind-zelle-and-venmo/ https://www.forbes.com/sites/tomgroenfeldt/2019/03/15/visa-d... >50% of Uber/Lyft drivers opt to pay a 50 cent fee to get paid in real-time instead of via ACH.

stephen_g 7y ago

Coming from a country that has had a modern payments system like this for a while - you generally still use a credit card for anything online or at stores, in an Uber or taxis, but use the real time bank payment system for paying invoices and bills, or buying a car from somebody, or sending $12 to your friend in real time because he paid for your lunch etc.

kevas 7y ago
Why? Why opt for two when one, I presume, is sponsored by the gov and accepted everywhere in your country?
- asutekku 7y ago
  What do you mean? There’s usually no way to pay without credit card / debit card / cash in most countries. Contactless payments are still not as popular as they could be.
- LowLevelHacker 7y ago
  Fees
- stephen_g 7y ago
  I was lumping in debit cards/EFTPOS with credit cards (and of course cash is also an option in stores). If not paying with cash, you use cards/contactless in stores because the terminals are integrated into the POS systems, have instant approval feedback etc. (and literally every card terminal here has contactless that works with pretty much any card and Apple Pay etc. too, which is nice). To use a bank transfer you need to enter details (phone number or a bank number and account number) and then need either a description or reference number to match it to at the other side. And even with the New Payments Platform (fast payments), it can still take 30 seconds or so to come through. That's fine when paying an invoice or sending money to friends, but too cumbersome at a point of sale.