3 ms·
> > And cash is expensive. It's easy to scoff about the 1-2 % fees on cards The fee could be 100% for the vendor if the card holders uses chargeback. People fo
by JumpinJack_Cash 4y ago
> > And cash is expensive. It's easy to scoff about the 1-2 % fees on cards
The fee could be 100% for the vendor if the card holders uses chargeback. People forget that chargeback exists because they almost never use it but it's a real possibility.
The recent OnlyFans scandal was in fact not an OnlyFans scandal but people charging back their credit card after the acquire the content provided by the creator.
If something has a shot at ever replacing cash won't be cards but instant wire transfers between banks so that payments mde by citizens are both real time and impossible to chargeback. SEPA Instant is the closest effort but even in leader countries there are 40%+ banks which still don't have it.
In the US it will be called FedNow but it's in its infancy
- sofixa 4y agoAre you talking about SEPA Instant? It's already here, across the whole eurozone, and usually free (some legacy banks charge a small fee).
- JumpinJack_Cash 4y agoThe EU is ahead but it's not as widely availible as you claim. The leaders are Austria and Spain and they hover around 50% banks having it https://www.cpg.de/wp-content/uploads/2021/10/sepa-instant-coverage-table-2021-10-1024x623.png https://www.cpg.de/wp-content/uploads/2021/10/sepa-instant-c...
- sofixa 4y agoYour source is from 2021, so hardly representative of today.
- JumpinJack_Cash 4y agoOh yes centuries ago indeed
- Gare 4y agoYou mean something like Digital Euro? https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html https://www.ecb.europa.eu/paym/digital_euro/html/index.en.ht...
- Dma54rhs 4y agoSEPA already exists long time and works in these two cases perfectly? Digital Euro is whole different animal.
- thatguy0900 4y agoFor shopping online, I honestly wouldn't use a service where charging back wasn't an ultimate option. Far too many scams, everywhere, and inconsistent support. Something like Amazon, sure, but random niche shopping websites? No way am I wiring money with no way out if it's a scam
- JumpinJack_Cash 4y agoBut you cant use cash for shopping online anyway, no? So direct and immutable wires would just substitute cash
- acdha 4y ago> If something has a shot at ever replacing cash won't be cards but instant wire transfers between banks so that payments mde by citizens are both real time and impossible to chargeback. Chargebacks are enormously popular with the public, however, because they provide a remedy for various scams and avenues for abuse by businesses, which is extremely common. I think it would be more likely that a successful replacement would refine that process rather than remove it.
- EVa5I7bHFq9mnYK 4y agoI keep reading about charge back, but in only two cases I tried to do that, because I didn't receive the stuff I paid for, I haven't succeeded. Banks seem to side with the merchants, because merchants pay them, not us.