5 ms·
I presume instant payments don't have the chargeback feature of credit card? That is the main benefit I care about credit cards.
by pkaye 4y ago
I presume instant payments don't have the chargeback feature of credit card? That is the main benefit I care about credit cards.
- csomar 4y agoMy guess is charge backs are probably a US/Canada thing. Many countries have credit cards without the protections. It happens to work in the US because there is a credit score system, high volumes and most people play by the rules.
- Dannymetconan 4y agoThe EU also has charge backs as well. I would have assumed all credit cards would have this as a feature.
- 4ad 4y agoYou are right that in practice it's a US/Canada thing, but it's available everywhere. Customers simply don't know about it, banks don't advertise it and if you try to take advantage of it it's very likely you'll stumble upon a clerk who genuinely thinks that "it's impossible". But it is certainly possible and universally available. Consumers should simply know their rights and refuse to be pushed over by banks. Personally I have made use of "impossible" chargebacks in Romania, Austria, and Germany. Of course the process was obtuse and frustrating compared to the US.
- andersonmvd 4y agoPIX does have a chargeback-like mechanism. It was introduced a year later its release though. PIX is actually more than just instant payment, it includes other things like Pix Saque (withdraw) and Pix Troco (change). Src (pt only) https://www.poder360.com.br/economia/bc-libera-mecanismo-de-devolucao-de-valores-do-pix-a-partir-desta-3a/ https://www.poder360.com.br/economia/bc-libera-mecanismo-de-... and https://www.in.gov.br/web/dou/-/resolucao-bcb-n-103-de-8-de-junho-de-2021-324759269 https://www.in.gov.br/web/dou/-/resolucao-bcb-n-103-de-8-de-...