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Oh that's pretty cool. It looks like there are no fees for the service (at least for now), where Venmo has a 1.75% fee ($0.25 min $25 max) and Cash App has a 0.
by benmanns 4y ago
Oh that's pretty cool. It looks like there are no fees for the service (at least for now), where Venmo has a 1.75% fee ($0.25 min $25 max) and Cash App has a 0.5%-1.75% fee ($0.25 min) for the same instant withdrawal service.
- basch 4y agoIt also doesn't require the banks cooperation, and has pretty high limits at 10k per transaction, and per month. Basically facebook fronting money because it believes it can trust the profile. I suspect the personal side of it will remain free. It's a gateway drug to having your card on file. Then there is less friction when you see something on marketplace you want. They can recover money on the marketplace side of things.
- astrange 4y agoThe bank does need to cooperate to accept the transaction "instantly", but mostly they do since it's good for them.