3 ms·

In the EU I can do instant payments from phone... no need to even write the check, get an envelope, buy stamps, going out to mail it... It would also arrive in

In the EU I can do instant payments from phone... no need to even write the check, get an envelope, buy stamps, going out to mail it... It would also arrive instantaneously on the other side if done during business hours... No fee... If i need to transfer to mates i just look them up from phone contacts and send money... Or they can send a payment request... or show a qr code that i scan...

Tor3 4y ago
> In the EU I can do instant payments from phone... ^ This. I'm not sure if this is actually EU wide yet.. but there are several payment systems available, which aren't AFAIK yet usable across countries or at least not many countries. They're in any case members of the European Mobile Payment Systems Association. The goal is to make an EU/EEC-wide mobile payment system. Unlike Paypal, Venmo etc. these are directly managed by the banks, i.e. nothing like the horrors you sometimes hear about from those private companies. With the variant I use I just need the/a phone number from the recipient, I enter it in my app, I see a name come up, I pay (with a pin), either directly from a bank account or from e.g. a credit card - I can choose at pay time. So, for that example where you need to pay someone doing garden work for you you don't hand over a check, you simply ask for the phone number, enter the details, show the guy "Is that you?", if "yes", then pay, show the guy the receipt on your phone, deal done. Instant, if it's paid from your account, or "Real Soon Now" if from your credit card (the transaction will fail if you don't have the credit - you don't get a receipt to show. You do get an instant receipt if your credit card works, so there's no doubt on the receiver's end that the money will come). Very convenient. Works in lots of shops too, and, as it's free up to a certain amount, and you only need a phone number you don't have to invest/rent anything, as in getting a card reader. When that's said, until this became popular you could more often than not use a credit card for anything including flea market sellers, parking meters, everything. The only limitation I've run into is with, of all things, doctor's offices where their payment machines for some reason only accept bank (direct debit) cards, not CC. The dentists accept everything though, and everybody else accepts everything too. But the phone payment is so extremely easy, and safe, that it's taking over everything. Splitting a bill at the restaurant? Phone transfer. Someone forgot their credit card at the gasoline pump? Phone the amount to someone who's got a CC and then the person with the CC can fill up the car. I do prefer contactless CC payment in shops though.

Tor3 4y ago

> In the EU I can do instant payments from phone... ^ This. I'm not sure if this is actually EU wide yet.. but there are several payment systems available, which aren't AFAIK yet usable across countries or at least not many countries. They're in any case members of the European Mobile Payment Systems Association. The goal is to make an EU/EEC-wide mobile payment system. Unlike Paypal, Venmo etc. these are directly managed by the banks, i.e. nothing like the horrors you sometimes hear about from those private companies. With the variant I use I just need the/a phone number from the recipient, I enter it in my app, I see a name come up, I pay (with a pin), either directly from a bank account or from e.g. a credit card - I can choose at pay time. So, for that example where you need to pay someone doing garden work for you you don't hand over a check, you simply ask for the phone number, enter the details, show the guy "Is that you?", if "yes", then pay, show the guy the receipt on your phone, deal done. Instant, if it's paid from your account, or "Real Soon Now" if from your credit card (the transaction will fail if you don't have the credit - you don't get a receipt to show. You do get an instant receipt if your credit card works, so there's no doubt on the receiver's end that the money will come). Very convenient. Works in lots of shops too, and, as it's free up to a certain amount, and you only need a phone number you don't have to invest/rent anything, as in getting a card reader. When that's said, until this became popular you could more often than not use a credit card for anything including flea market sellers, parking meters, everything. The only limitation I've run into is with, of all things, doctor's offices where their payment machines for some reason only accept bank (direct debit) cards, not CC. The dentists accept everything though, and everybody else accepts everything too. But the phone payment is so extremely easy, and safe, that it's taking over everything. Splitting a bill at the restaurant? Phone transfer. Someone forgot their credit card at the gasoline pump? Phone the amount to someone who's got a CC and then the person with the CC can fill up the car. I do prefer contactless CC payment in shops though.