3 ms·
Wild idea: What if secure digital payment was a public service.
by treadmill 3y ago
Wild idea: What if secure digital payment was a public service.
- cubefox 3y agoFedNow: https://www.federalreserve.gov/newsevents/pressreleases/other20230720a.htm https://www.federalreserve.gov/newsevents/pressreleases/othe... Unfortunately not many banks support it yet.
- Brystephor 3y agoI think "secure" is the key part that's missing here. There's no incentive for a consumer to use a payment method such as this when paying with a bank. The reason is that credit cards come with consumer protection that this just doesn't offer.
- cubefox 3y agoI don't think customer protection is necessary unless you are dealing with unusually small or shady companies. I live in Germany and do not own a credit card, they are uncommon here. Mostly we pay per bank transfer or debit card. Even with the possibility of fraud, this is probably significantly cheaper in expectation than paying a 2% credit card fee each time just to have the possibility of chargeback.
- lxgr 3y agoHave you ever considered that what’s keeping most companies proactively honest and consumer-friendly are consumer protection laws and regulations?
- cubefox 3y agoHave you ever considered that those don't require credit card chargebacks?
- lxgr 3y agoOf course not, but you made a different point in the comment I was replying to: > I don't think customer protection is necessary [...] Chargebacks are only one possible consumer recourse mechanism specific to payment cards. There's other means to keep merchants honest.
- kiratp 3y agoNo thank you. This is how you get something like UPI in India. https://news.ycombinator.com/item?id=36980279 https://news.ycombinator.com/item?id=36980279