4 ms·

The hassle of linking your bank account is more of a hassle in countries where that isn't necessarily easy to do. (For example to link an internet banking accou

The hassle of linking your bank account is more of a hassle in countries where that isn't necessarily easy to do. (For example to link an internet banking account to your traditional bank in Canada, you usually need to send a personal check in snail mail.) In China, where mobile payments are ubiquitous, the process of linking your bank account is just typing in your name and account number, and entering the one time pass code your bank just sent over SMS. Now you can pay for everything - not just individuals on your contact list, but literally anyone who also has the app installed - just by scanning QR code and entering your PIN. The recipient doesn't need to sign in or confirm anything, it's just done. Don't underestimate the convenience of this setup. I do like that Interac eTransfer doesn't force people to install a proprietary app to transfer money, but can you really see it replacing cash in a grocery store or helping people split the bill at a bar?

frosted-flakes 6y ago
At a grocery store? No, that's what debit cards or Google Pay are for. Splitting the bill at a restaurant? Absolutely. I use it for that all the time. That's mostly what I use it for, because it's so quick and easy.
- alisonatwork 6y ago
  I've tried to split the bill this way too when I lived in Canada and didn't find it quick and easy at all. First everyone needs to log in to internet banking, then they need to find out the email address of whoever is picking up the tab, then they need to wait for that person to receive their email notifications, then that person needs to log into their online banking to accept each transaction one by one... With Alipay or WeChat it is much more seamless, and the whole process can be completed in literally a few seconds. It might not seem like much of a difference (a few minutes vs a few seconds), but once people get used to that convenience, I can't see them wanting to go back.

frosted-flakes 6y ago

At a grocery store? No, that's what debit cards or Google Pay are for. Splitting the bill at a restaurant? Absolutely. I use it for that all the time. That's mostly what I use it for, because it's so quick and easy.

alisonatwork 6y ago
I've tried to split the bill this way too when I lived in Canada and didn't find it quick and easy at all. First everyone needs to log in to internet banking, then they need to find out the email address of whoever is picking up the tab, then they need to wait for that person to receive their email notifications, then that person needs to log into their online banking to accept each transaction one by one... With Alipay or WeChat it is much more seamless, and the whole process can be completed in literally a few seconds. It might not seem like much of a difference (a few minutes vs a few seconds), but once people get used to that convenience, I can't see them wanting to go back.