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There are now systems that are far cheaper than credit cards or debit cards. In the US it's called: FedNow. The system enables direct bank transfers in real-tim
by cubefox 3y ago
There are now systems that are far cheaper than credit cards or debit cards. In the US it's called: FedNow. The system enables direct bank transfers in real-time, almost for free.
https://en.wikipedia.org/wiki/FedNow https://en.wikipedia.org/wiki/FedNow
The support is still very limited, but in India a similar system (UPI) managed to become ubiquitous.
- deleted 3y ago[deleted]
- pasttense01 3y agoWith Visa/Mastercard... debit and credit cards you get some purchase protection. With those direct bank transfer systems you don't. Have you never done a chargeback on a credit card? With Fednow, UPI etc you can't.
- cubefox 3y agoCredit card companies are highly profitable, meaning that people spend significantly more money on credit card fees than they save through purchase protection. So it's not worth it. Especially not in cases where it replaces cash, which also has no chargeback.