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Visa/Mastercard are looking very overvalued to me. When fednow comes out, I see very little reason for people to use those legacy options anymore. Its like the
by tryptophan 4y ago
Visa/Mastercard are looking very overvalued to me. When fednow comes out, I see very little reason for people to use those legacy options anymore. Its like the market is completely oblivious to the impending doom coming for these rent seekers.
Every single app/store/site is gonna be begging you to enroll in fednow and will be offering 2-3% discounts/bonus points for any purchases made through it.
- adrr 4y agoDebit card interchange for big bank debt cards is 0.05%. Sites/stores/apps don't offer debit cards discounts except gas stations. Big merchants offer their own payments/credit cards for up to 5% cash back, they aren't going to switch. FedNow will get adoption as a replacement for ACH / Check writing. Paying bills and getting paid. Instant deposits of paychecks will a big benefit to a lot people living paycheck to paycheck. It will displace a bunch of Zelle market share.
- theguyovrthere 4y agoZelle doesn't have a marketshare. Its owned by all the big banks and is designed to keep money in "the system". it's essentially digital cash.
- veilrap 4y agoI don't like the ability for arbitrary app/store/sites to be able to pull/push money directly from my bank account. The credit card companies provide a nice buffer between my wallet and the payee. I could see it being useful for interbank transfers and for bank to billing (e.g. credit cards, etc.)
- ProjectArcturis 4y agoZelle, Venmo, and PayPal are the ones that should really be worried.
- theguyovrthere 4y agoZelle doesn't have a reason to worry. Zelle is essentially all the big banks and is designed to keep money in "the system". it's essentially digital cash.