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FedNow launch hints at payments wars to come
- NoZebra120vClip 3y agoSo what sorts of consumer protections come with FedNow? The current consensus has been that ACH is the cheapest, and most dangerous, way to pay for things. Debit card being less dangerous, and a credit card being safer than the two. Because with a credit card, no money has left your account, and there are chargebacks, although I suppose these could get you blacklisted by a vendor. Credit card issuers often offer insurance of some kind on your purchases, as well. What about privacy? Is FedNow requiring people to exchange bank account and routing numbers? You know, like when I receive a box of checks and it's got big red warning signs on it to "Protect Your Personal Information! Don't Show These to Anyone! (except everyone you are going to pay)" If FedNow will be integrated into POS, what will be our instrument of payment? A smartphone with NFC?