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I have hopes with FedNow but need to be a bank to avail its facilities. which is not super hard but will need a bunch of capital. at least it can corner all the
by DesiLurker 3y ago
I have hopes with FedNow but need to be a bank to avail its facilities. which is not super hard but will need a bunch of capital. at least it can corner all the micro payment & debit purchase market with low overhead. Kinda like India's RuPay mechanism. that will end up butchering the CC companies cash cows though. When enough data flows through the system someone can creates a pseudo-credit score by looking at income-expense flow and use it to extend credit cutting out these ancient leeches.
- Workaccount2 3y agoI think the killer is that you would be forced to interface with consumer's banks, who wouldn't be particularly interested in helping your effort to undermine credit cards. Or you could extend credit, but then you need to charge fees to cover interest of loaning out that money. Never mind the massive capital reserves to cover it. And now you're really just another credit card company.
- PaulDavisThe1st 3y ago> with consumer's banks, who wouldn't be particularly interested in helping your effort to undermine credit cards. Credit unions might be, however.