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> Tangentially, I think the card networks in general are not going to look great when the Fed's FedNow instant payments go live this summer. This is and will b
by colesantiago 4y ago
> Tangentially, I think the card networks in general are not going to look great when the Fed's FedNow instant payments go live this summer.
This is and will be huge.
With this the US is following India's pioneering UPI payment infrastructure and Brazil's (PIX) in realtime payments.
Once FedNow launches, there really wouldn't be much use for card payments really and definitely no need for cryptocurrencies at all.
- lotsofpulp 4y agoMaybe, I have read that credit cards result in people willing to pay higher prices. Which is supposedly why most retailers, especially large ones, do not offer discounts for debit cards, even though the transaction costs would be a lot lower.
- toomuchtodo 4y agoPeople are willing to spend more (Amex is famous for marketing this as to why their interchange fees are reasonable [1] [2]), not necessarily pay higher prices. Is it good that people are encouraged to spend more with certain financial instruments? ¯\_(ツ)_/¯ [1] https://thepointsguy.com/credit-cards/american-express/more-retailers-accepting-amex/ https://thepointsguy.com/credit-cards/american-express/more-... [2] https://www.hostmerchantservices.com/articles/american-express-interchange-rates-how-do-their-rates-and-fees-differ-from-other-cards/ https://www.hostmerchantservices.com/articles/american-expre...
- lotsofpulp 4y agoYes, spend more is more accurate than higher prices.