7 ms·
Checks are slow and can be faked or scammed. Sending cash also wouldn’t work. MasterCard and Visa had a strong monopoly on instant transactions at a distance.
by Smashure 5y ago
Checks are slow and can be faked or scammed.
Sending cash also wouldn’t work.
MasterCard and Visa had a strong monopoly on instant transactions at a distance. They fought PayPal quite a bit in the beginning as it encroached on their monopoly.
Thankfully crypto has solved this monopoly
- mhb 5y agoYes. There's a cost to checks just like there's a cost to using credit cards. The slowness of checks can be mitigated by offering some sort of access until the check clears. I'm sure there are plenty of creative types who can figure out how to route around the credit card problem. Also checks, credit cards and crypto aren't the only payment options.
- Smashure 5y agoInstant verified electronic money transmission is difficult. There are not many options here. MC, Visa, PayPal, Crypto… gift cards?