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ACH, FedNow, etc, are all final settlement and cost almost nothing. Many have tried building it out of all the pieces that exist, it's just they didn't get any

ACH, FedNow, etc, are all final settlement and cost almost nothing. Many have tried building it out of all the pieces that exist, it's just they didn't get any users.

AnthonyMouse 4y ago
Then you have the opposite problem. Customers are shy about giving out their bank routing info if large transactions aren't reversible. You don't want it withdrawing against the full balance of your bank account. It has to be something that puts a reasonable amount of the risk on the user, rather than either none or an unlimited amount.
- arcticbull 4y ago
  That's my point though, you can just load a wallet like Cash, Venmo or PayPal - and you've always had that option. Maybe we're just talking past each other.
  - AnthonyMouse 4y ago
    All of those services accept credit cards. Because there would otherwise be too many people unwilling to give up their bank routing number. What you need is something that has irreversible transactions but also has a monthly total transfer limit and a "routing number" which is unique to the merchant and can be revoked for further transactions at any time. Ideally also something that allows people to make purchases on credit and earn "points" so it's competitive with credit cards. That way people would actually be willing to use it, instead of having to give a startup with no reputation (or a company with the foul reputation the likes of PayPal) access to their entire bank balance.
    - arcticbull 4y ago
      > All of those services accept credit cards. Because there would otherwise be too many people unwilling to give up their bank routing number. That's not actually true, they allow both ACH and debit cards. But either way it's irrelevant, revocation risk can simply be offset with a fee. The system doesn't suddenly stop working if you can only pass on 95% of the deposited amount. Or even 90%. Or 80%. If people want it, they'll use it anyways. The thing is they don't.
narag 4y ago
There are many possible reasons why something doesn't work. You surely know some technology that few people used until a little seemingly inocuous obstacle is removed. Or maybe they didn't start with the right customers set. I mostly hear about microtransactions related to media, press, blogs... What if the application that can ignite their use is nothing of the sort?

ACH, FedNow, etc, are all final settlement and cost almost nothing. Many have tried building it out of all the pieces that exist, it's just they didn't get any users.

AnthonyMouse 4y ago

Then you have the opposite problem. Customers are shy about giving out their bank routing info if large transactions aren't reversible. You don't want it withdrawing against the full balance of your bank account. It has to be something that puts a reasonable amount of the risk on the user, rather than either none or an unlimited amount.

arcticbull 4y ago
That's my point though, you can just load a wallet like Cash, Venmo or PayPal - and you've always had that option. Maybe we're just talking past each other.
- AnthonyMouse 4y ago
  All of those services accept credit cards. Because there would otherwise be too many people unwilling to give up their bank routing number. What you need is something that has irreversible transactions but also has a monthly total transfer limit and a "routing number" which is unique to the merchant and can be revoked for further transactions at any time. Ideally also something that allows people to make purchases on credit and earn "points" so it's competitive with credit cards. That way people would actually be willing to use it, instead of having to give a startup with no reputation (or a company with the foul reputation the likes of PayPal) access to their entire bank balance.
  - arcticbull 4y ago
    > All of those services accept credit cards. Because there would otherwise be too many people unwilling to give up their bank routing number. That's not actually true, they allow both ACH and debit cards. But either way it's irrelevant, revocation risk can simply be offset with a fee. The system doesn't suddenly stop working if you can only pass on 95% of the deposited amount. Or even 90%. Or 80%. If people want it, they'll use it anyways. The thing is they don't.

narag 4y ago

There are many possible reasons why something doesn't work. You surely know some technology that few people used until a little seemingly inocuous obstacle is removed. Or maybe they didn't start with the right customers set. I mostly hear about microtransactions related to media, press, blogs... What if the application that can ignite their use is nothing of the sort?