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We.. dont have that problem in India. You either buy small change stuff locally or from a physiCal shop for large purchases. Rest purchases are done on Amazon

We.. dont have that problem in India. You either buy small change stuff locally or from a physiCal shop for large purchases. Rest purchases are done on Amazon et al. On off merchants are dime a dozen here so that problem reallly doesn't arise. A family member recently made a bank transfer and got one digit wrong. We approached the bank. The refused to help since "the transaction was done intentionally and not due to hacking or similar thing) but they gave contact of the wrong recipient. We approached them and had them reverse it manually. Point is, you say an airline. They dont really go backrupt left and right all of a sudden. We make air tickets a week or two weeks at best before travel. Same for small online merchants. They really dont exist that much because amazon

lxgr 2y ago
> Point is, you say an airline. They dont really go backrupt left and right all of a sudden. It's not that uncommon really, and it's usually a situation in which the last thing travelers need is having to worry about whether they'll have to pay their (usually much more expensive) replacement tickets completely out of pocket. > Rest purchases are done on Amazon et al. That sounds like a significant market inhibition mechanism then. One of the great advantages of the card chargeback mechanism is that it makes consumers much more willing to give new, smaller merchants a chance, because they know they can always get their money back if they don't deliver. Pre-payments only massively benefit encumbents, which is ultimately bad for competition and by extension prices. > A family member recently made a bank transfer and got one digit wrong. We approached the bank. The refused to help since "the transaction was done intentionally and not due to hacking or similar thing) but they gave contact of the wrong recipient. We approached them and had them reverse it manually. In SEPA, this only works if the funds are still there at the recipient's account, and even then the receiving bank has to consent to the reversal. In case of a fraudulent recipient, the chances of this working are almost zero (as fraudsters usually send the money onwards as quickly as possible).
- 2Gkashmiri 2y ago
  Market inhibition is why govt is launching ondc. Look it up. Its federated online ecommerce. So hopefully that will improve the game and incumbents wont tower over the market.
  - lxgr 2y ago
    Interesting, thank you! ONDC does seem to add dispute resolution, which is exactly what's missing from "pure" SEPA credit transfer or direct debit to make it viable for untrusted online purchases. I've in the meantime found the actual Visa press release (TFA is pretty light on details), and their A2A solution does seem to add just that as well: https://www.visa.co.uk/about-visa/newsroom/press-releases.3340254.html https://www.visa.co.uk/about-visa/newsroom/press-releases.33...

lxgr 2y ago

> Point is, you say an airline. They dont really go backrupt left and right all of a sudden. It's not that uncommon really, and it's usually a situation in which the last thing travelers need is having to worry about whether they'll have to pay their (usually much more expensive) replacement tickets completely out of pocket. > Rest purchases are done on Amazon et al. That sounds like a significant market inhibition mechanism then. One of the great advantages of the card chargeback mechanism is that it makes consumers much more willing to give new, smaller merchants a chance, because they know they can always get their money back if they don't deliver. Pre-payments only massively benefit encumbents, which is ultimately bad for competition and by extension prices. > A family member recently made a bank transfer and got one digit wrong. We approached the bank. The refused to help since "the transaction was done intentionally and not due to hacking or similar thing) but they gave contact of the wrong recipient. We approached them and had them reverse it manually. In SEPA, this only works if the funds are still there at the recipient's account, and even then the receiving bank has to consent to the reversal. In case of a fraudulent recipient, the chances of this working are almost zero (as fraudsters usually send the money onwards as quickly as possible).

2Gkashmiri 2y ago
Market inhibition is why govt is launching ondc. Look it up. Its federated online ecommerce. So hopefully that will improve the game and incumbents wont tower over the market.
- lxgr 2y ago
  Interesting, thank you! ONDC does seem to add dispute resolution, which is exactly what's missing from "pure" SEPA credit transfer or direct debit to make it viable for untrusted online purchases. I've in the meantime found the actual Visa press release (TFA is pretty light on details), and their A2A solution does seem to add just that as well: https://www.visa.co.uk/about-visa/newsroom/press-releases.3340254.html https://www.visa.co.uk/about-visa/newsroom/press-releases.33...