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> Paypal has my banking details and can use those or credit/debit card to complete my payments. They always prefer to use bank because of no fees with cc/debit
by vageli 6y ago
> Paypal has my banking details and can use those or credit/debit card to complete my payments. They always prefer to use bank because of no fees with cc/debit as backup. Google could do the same. ACH is really creaky and old.
> We need something like UPI (india) or Wechat (china) in the US. Zelle is a poor substitute.
Why is zelle a poor substitute? I can pay people via phone number.
- kevin_thibedeau 6y agoZelle still uses ACH under the covers.
- throwaheyy 6y agoZelle is real-time, while ACH is not.
- toomuchtodo 6y agoZelle is owned by a private company, owned by the US' largest banks [1]. The US Federal Reserve is working on a replacement [2] (FedNow) that presumably will have less power to keep banking entities (small banks, community banks) in the US with less pull off the network (with pricing or other mechanisms). From the perspective that instant payments should be an inexpensive, accessible utility for the benefit of all citizens, the Fed's FedNow efforts are preferable to Zelle or legacy ACH services. [1] https://en.wikipedia.org/wiki/Zelle_(payment_service) https://en.wikipedia.org/wiki/Zelle_(payment_service) [2] https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...
- haltingproblem 6y agoI understand how Zelle pull off real-time for intrabank. For interbank, they are either covering it or have they built a payment service under the covers?
- kevin_thibedeau 6y agoThe final real reconciliation for Zelle is done over ACH.