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In the UK at least Zelle, Venmo, cash app are not a thing in my experience. We have the wonderful Faster Payments System[0], that allows near instant payments

In the UK at least Zelle, Venmo, cash app are not a thing in my experience. We have the wonderful Faster Payments System[0], that allows near instant payments to any account. Banks have nice phone apps, with push notifications and emoji. Paypal is a thing usually just a way to avoid putting in card details directly. 0. https://en.wikipedia.org/wiki/Faster_Payments https://en.wikipedia.org/wiki/Faster_Payments

Symbiote 4y ago
Britain also has PayM, to send money using a phone number as an identifier, but at least in my bank's app the interface is hidden several menus deep. Denmark's equivalent, MobilePay, is very widely used. I even use it for some online purchases, as the flow is so smooth: - Select pay by MobilePay - (They probably already have my phone number (e.g. for delivery notifications), if not I must enter it. It's 8 digits.) - A notification appears on my phone, with the amount and recipient - Fingerprint and swipe to confirm - That's all. The website doesn't keep any card data, but I still get a very quick checkout process. To send money to friends or family (or small businesses) is also fast: - Open app, unlock with fingerprint - Type in amount, e.g. 100, press Next - Choose a recent recipient, or scroll through my contacts, or type a phone number - See confirmation -- the amount and the person's name as on their bank account, not their name in my address book - Send.
michaelt 4y ago
Faster payments is good in a way but also.... weird. At least the way my bank implements it. Want to pay someone new? Better have your smartphone with the app, and your bank card and your card reader. Be ready to provide your fingerprint and your card PIN number. And they'll send you a text message telling you a new payment recipient has been added. That's a fine level of security if you're paying thousands of pounds - but if you're paying £5 for lunch the process is just as strict. And despite all that security, it's still limited to payments <£10,000 for some reason.
- digianarchist 4y ago
  Any transfers that fall into the allowance of a tap payment shouldn't have to go through the same amount of security. I miss the Faster Payments network immensely. The systems in Canada and the United States are a mess in comparison.
- Closi 4y ago
  The level of 'user' security is defined by your bank, rather than the faster payments protocol. Monzo for instance just requires that you are signed into the app and can face-ID on iOS.
  - blibble 4y ago
    it used to by the bank, now the minimum security is defined by the Payment Services Directive which is quite specific
  - kevin_thibedeau 4y ago
    Forcing people to use a smartphone is still a fail.
beojan 4y ago
The UK has a Zelle like service called Paym that works on top of Faster Payments and means you don't need to share your bank details.

Symbiote 4y ago

Britain also has PayM, to send money using a phone number as an identifier, but at least in my bank's app the interface is hidden several menus deep. Denmark's equivalent, MobilePay, is very widely used. I even use it for some online purchases, as the flow is so smooth: - Select pay by MobilePay - (They probably already have my phone number (e.g. for delivery notifications), if not I must enter it. It's 8 digits.) - A notification appears on my phone, with the amount and recipient - Fingerprint and swipe to confirm - That's all. The website doesn't keep any card data, but I still get a very quick checkout process. To send money to friends or family (or small businesses) is also fast: - Open app, unlock with fingerprint - Type in amount, e.g. 100, press Next - Choose a recent recipient, or scroll through my contacts, or type a phone number - See confirmation -- the amount and the person's name as on their bank account, not their name in my address book - Send.

michaelt 4y ago

Faster payments is good in a way but also.... weird. At least the way my bank implements it. Want to pay someone new? Better have your smartphone with the app, and your bank card and your card reader. Be ready to provide your fingerprint and your card PIN number. And they'll send you a text message telling you a new payment recipient has been added. That's a fine level of security if you're paying thousands of pounds - but if you're paying £5 for lunch the process is just as strict. And despite all that security, it's still limited to payments <£10,000 for some reason.

digianarchist 4y ago
Any transfers that fall into the allowance of a tap payment shouldn't have to go through the same amount of security. I miss the Faster Payments network immensely. The systems in Canada and the United States are a mess in comparison.
Closi 4y ago
The level of 'user' security is defined by your bank, rather than the faster payments protocol. Monzo for instance just requires that you are signed into the app and can face-ID on iOS.
- blibble 4y ago
  it used to by the bank, now the minimum security is defined by the Payment Services Directive which is quite specific
- kevin_thibedeau 4y ago
  Forcing people to use a smartphone is still a fail.

beojan 4y ago

The UK has a Zelle like service called Paym that works on top of Faster Payments and means you don't need to share your bank details.