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Yes they can. In Brazil they were already, actually. The national payment gateway Pix already surpassed credit card as the most used payment method. And it's fr
by meiraleal 2y ago
Yes they can. In Brazil they were already, actually. The national payment gateway Pix already surpassed credit card as the most used payment method. And it's free.
- toomuchtodo 2y agoIn the US, we have FedNow instant payments, although it takes time to scale as it recently went GA. It’s a couple of cents per transaction to move up to $100k-$500k (depending on institution limits) of value. UPI and Pix are what the US looks like in the next 3-5 years. https://www.frbservices.org/financial-services/fednow/organizations https://www.frbservices.org/financial-services/fednow/organi... https://www.federalreserve.gov/paymentsystems/fednow_faq.htm https://www.federalreserve.gov/paymentsystems/fednow_faq.htm https://www.frbservices.org/financial-services/fednow/instant-payments-education/anatomy-of-an-instant-payment.html https://www.frbservices.org/financial-services/fednow/instan...
- meiraleal 2y agoI think FedNow will have a harder time than UPI and Pix because the private options are quite good already (although nobody likes to pay unnecessary tolls).
- toomuchtodo 2y agoI agree there is inertia, but large merchants like Walmart (who specifically filed comments supporting FedNow due to credit card processing fees) are highly incentivized to integrate support for these payment rails in their infra to drive down payment costs. https://news.ycombinator.com/item?id=38418894 https://news.ycombinator.com/item?id=38418894