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Certainly in the EU so far the "killer use case" for PSD2 things hasn't happened/it has not lived up to its hype. So beyond needing regulation to make things ha
by RandomLensman 5y ago
Certainly in the EU so far the "killer use case" for PSD2 things hasn't happened/it has not lived up to its hype. So beyond needing regulation to make things happen, there might also be a lack of use cases for most people.
- jeroenhd 5y agoHonestly, I like my current bank's app so much that I don't even really need or want some kind of quick money VC to get between me and my bank. Money transfers are done in seconds, almost every place allows me to use contactless payment from my bank app and there's no data being fed to Google or Apple. I wish I could use my checking account app to manage my savings account (on another bank) but I can live with the inconvenience of having a second, slightly inferior app thst I barely use anyway. I think the answer to "what's holding banking back" is often "whatever the EU is doing with banking". The question often gets asked by people in countries where the biggest banks are terrible. The problem is not the concept of banking, the centralization or overly broad government regulations. The problem is that some (big) banks don't give a fuck about their users' experience, especially when transferring money between different banks. This is how PayPal got off the ground. Any of these billion dollar institutions could've built PayPal, or competed it to death when it started to become popular, but they chose not to.