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I doubt it, it will only solve the case of "pay your friends who you have an already established trust relationships with." Any transaction with a business or

by Spivak 3y ago

I doubt it, it will only solve the case of "pay your friends who you have an already established trust relationships with." Any transaction with a business or stranger there will still be a market for something reversible, disputable, and with insurance against scams. They also hook into currently exchanges automatically for you when paying overseas and their jurisdiction for pulling back your money is global rather than just in your country. FedNow is a Zelle/ACH killer, they don't provide direct-to-consumer services and if your bank or consortium of banks ever issues cards/apps that can be used at new POS systems they will have just invented Visa, and there's no reason Visa won't support settlement with Fednow over ACH. You could already cut out Visa with a "Pay with Zelle" type scheme but there's little appetite for it even in countries where their version of FedNow has existed for years.

govg 3y ago
>You could already cut out Visa with a "Pay with Zelle" type scheme but there's little appetite for it even in countries where their version of FedNow has existed for years. That is just wrong though - pretty much in every country out there that has a good direct payments scheme exposed to customers, it is gaining market share at the expense of credit cards. Pix in Brazil and UPI in India are only two such examples, in both countries these are well on the way / are the dominant payment mechanism for ordinary consumers transacting with businesses.
WeylandYutani 3y ago
Things like AfterPay exist. Or you could only do business with reputable companies- that has worked for me.
- Spivak 3y ago
  AfterPay is just PayPal with a different coat of paint. Hell, PayPal offers an AfterPay like service. Also reputable lol, the worst businesses needing disputes are national household names. I've gotten fewer issues from random Etsy sellers than my cellular provider.

by Spivak 3y ago

govg 3y ago

>You could already cut out Visa with a "Pay with Zelle" type scheme but there's little appetite for it even in countries where their version of FedNow has existed for years. That is just wrong though - pretty much in every country out there that has a good direct payments scheme exposed to customers, it is gaining market share at the expense of credit cards. Pix in Brazil and UPI in India are only two such examples, in both countries these are well on the way / are the dominant payment mechanism for ordinary consumers transacting with businesses.

WeylandYutani 3y ago

Things like AfterPay exist. Or you could only do business with reputable companies- that has worked for me.

Spivak 3y ago
AfterPay is just PayPal with a different coat of paint. Hell, PayPal offers an AfterPay like service. Also reputable lol, the worst businesses needing disputes are national household names. I've gotten fewer issues from random Etsy sellers than my cellular provider.