3 ms·
Venmo has been independently valued at $38 billion in 2020. The venmo "innovation" does something every retail bank in the UK has done for over a decade.
by shapefrog 4y ago
Venmo has been independently valued at $38 billion in 2020.
The venmo "innovation" does something every retail bank in the UK has done for over a decade.
- fomine3 4y agoIt look like Dropbox-curlftpfs comparison. I've never used both but user experience would be different. I imagine that most traditional bank apps are crappy.
- dzonga 4y agocompletely different experience. in the uk - bank transfers are instant. at most will take 2 hours, if there's major technical issues with your bank. there's no asking if someone has paypal etc, give account number, sort code and done. money is there in less than 5 sec's in someone's account. if the US had comparable system to the Uk - CashApp, PayPal, venmo, plaid etc wouldn't exist
- shapefrog 4y agoI doubt you would notice much difference in user experience from a 2012 UK banking app vs venmo / cashapp / paypal. https://www.theguardian.com/money/2012/feb/16/barclays-pingit-money-sending-smartphone https://www.theguardian.com/money/2012/feb/16/barclays-pingi... (note the person in the article is holding the iphone 4 in a steve jobs approved manner)
- vjk800 4y agoI can't understand how the banks in the US are so crappy. Here in Finland we've had instantaneous and free bank transfers for like 20-30 years. I used to wonder why the hell is Paypal so big, but then I learned that it's mainly because it provides functions that all the normal banks here provide, but none in the US do. The same goes for most of the fintech. There is much less market for these companies because the major banks are already doing what they are offering in some form.