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Well there’s the FedNow Service which will introduce instant payments. Should eliminate the need for parasitic credit card processing networks. A good “FedNow”
by xyst 3y ago
Well there’s the FedNow Service which will introduce instant payments. Should eliminate the need for parasitic credit card processing networks.
A good “FedNow” or instant payment provider can easily disrupt the debit and credit card processing companies. At most, businesses charged 5-10 cents per transaction.
No more dealing with credit card network fees. Chargeback fees. Exchange fees. Issuing bank fees. Premium card fees. Just a simple 5-10 cent per transaction. Only need a US bank account.
- Tijdreiziger 3y agoGreat, so it only works in a single country. Stripe supports much more countries and payment rails than just US credit cards.
- emdowling 3y agoI live in the UK, where we've had instant, free, interbank payments for the last few years (we've had free interbank payments for > 10 years, but the instant part came in a few years ago as part of the Faster Payments scheme). Spoiler alert: it has not eliminated the need for credit cards. The credit card system has a lot of flexibility and integrations to make for a superior user experience in a number of situations. For example, a lot of banks let you create virtual cards for specific purposes (eg: I have one for all my online subscriptions, and another for merchants I've not dealt with before). Not to mention Apple/Google Pay and their integration into basically every single online payments platform.