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I feel this is too little, too late. People who would use this already have started using Credit/debit cards (instead of local systems). Bank account numbers ar
by DocTomoe 4y ago
I feel this is too little, too late. People who would use this already have started using Credit/debit cards (instead of local systems). Bank account numbers are not easy to transmit (sure, we could do this via QR code, but that's a new piece of technology people would have to learn how to use). The internet has happened, and it works on credit card-style numbers.
Banks had a chance to introduce this ten years ago - but back then, they were greedy and wanted to keep money in limbo, most likely to have an advantage in taking interest. By now, the market has other, more internationally accepted modes of payment.
- manholio 4y ago> The internet has happened, and it works on credit card-style numbers. and that's a usability disaster. the entire experience is atrocious, you have to enter and secure multiple pieces of numeric data. it's a system begging to be disrupted.
- pjc50 4y agoThe overhead of card processors, while capped by law in the EU, is not zero, and not everybody can easily set up to receive payments. Various countries have systems like https://en.wikipedia.org/wiki/Vipps https://en.wikipedia.org/wiki/Vipps which reduce the friction yet further.
- samjmck 4y ago> By now, the market has other, more internationally accepted modes of payment. Hundreds of millions of citizens gain access to instant payments through SEPA. It’s already compatible with the existing banking system Europeans are already used to, i.e. share an IBAN with someone and share money. Which other cheap instant payment methods are there that are available to so many people?