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Non-crypto payment apps is also soemthing they should worry about. Facebook pay, Google pay, Apple pay, Amazon pay, Paypal, Venmo, Zelle.
by im3w1l 5y ago
Non-crypto payment apps is also soemthing they should worry about. Facebook pay, Google pay, Apple pay, Amazon pay, Paypal, Venmo, Zelle.
- toomuchtodo 5y agoFedNow instant payments, although not until 2023-2024. Drags US financial infra into the 21st century, and provides similar capabilities to instant payments in other countries (UPI in India, Pix in Brazil, etc). Likely ends up significantly shrinking Zelle (the private consortium competitor), PayPal, Venmo, Cash app, etc. https://www.moderntreasury.com/learn/what-is-fednow https://www.moderntreasury.com/learn/what-is-fednow 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...
- withinboredom 5y agoI doubt it’d do much until the US solves anyone with your account number being able to draft it without your consent. One of my favorite things in the Netherlands is that any draft requires me to consent to it or it will be denied. I have 5 days to consent. I can’t even count the number of times in the US where I’ve had to pay overdraft fees of one kind or another due to drafts I wouldn’t have consented to if I knew it would take my account negative.
- toomuchtodo 5y agoI imagine at some point you’ll be able to disable ACH debits for your deposit account and only allow adhoc FedNow push/outbound payments, including those from payment requests. This would be parity with Netherlands deposit accounts (based on my cursory understanding of how they work).