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The lack of fast free digital money transfer infrastructure in the U.S. is something that seems crazy to anyone in the EU. Every EU country (and the UK) has ha
by avianlyric 3y ago
The lack of fast free digital money transfer infrastructure in the U.S. is something that seems crazy to anyone in the EU.
Every EU country (and the UK) has had fast free digital bank transfers for decades now. Here in the UK we pay all “casual” services like cleaners, dog walkers etc via a simple, quick bank transfer. It’s great, I don’t need to keep cash, and person providing the services has the money in their account, ready to spend, about 500ms after I tap the “send” button on my phone.
I can see how cheques are convenient for purchasers, but for suppliers they’re a bit of nightmare, as they need physically deliver the cheque to cash it. Then wait for it to clear, and also take on all the risk of it bouncing. All of that just goes away with proper digital money transfer technologies.
- petejansson 3y agoFedNow (https://www.federalreserve.gov/paymentsystems/fednow_about.htm https://www.federalreserve.gov/paymentsystems/fednow_about.h...) just went live in July, 2023. It will take some time for adoption.
- xadhominemx 3y agoWe have free digital money transfer in the United States. Venmo, Zelle, PayPal, Cash App, etc. I don't know why you'd believe otherwise.
- pasttense01 3y agoThe are two problems with this: 1. You need to have all 4 to reach a significant fraction of the population. 2. They are fake real-time transfers [the app says the money has been transferred but it won't actually be delivered for a couple days] instead of actual real-time transfers (which Europe has). This means there are much more susceptible to fraud [you think the sender has sent you the money--so you ship him the goods or whatever--and the next morning or so the money is gone from your account.]