Nearly two decades ago UK has pushed banks to have a similar system (Faster Payments), and the result is great: instant transfers between UK banks, for free. T

Nearly two decades ago UK has pushed banks to have a similar system (Faster Payments), and the result is great: instant transfers between UK banks, for free. This hasn't killed PayPal, but there's no Venmo or equivalent here. They're literally instant — when I press "Send" in my bank's app, the recipient gets a notification about receiving the money before I lift my finger. The fact these transfers are free, easy, and with some checks and insurance, is probably why cryptocurrency transfers didn't catch on.