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I think it’s even possible without having the central bank manage the whole thing. In Canada we have Interac e-tranfer which is managed by a consortium of Canad
by philistine 1y ago
I think it’s even possible without having the central bank manage the whole thing. In Canada we have Interac e-tranfer which is managed by a consortium of Canadian institutions.
It is far from perfect, but perfect is the enemy of good.
- XorNot 1y agoWhich is one of the better approaches: government sets the priority and tells industry as a collective "figure it out, or we'll do it for you". It's ultimately the approach that got USB-C standardized for mobile device charging, but didn't mean subject matter experts at the firms building things were cut out of the process.
- jszymborski 1y agoI hate the idea of paying for something online with e-transfer, though. It's like mailing cash. If you get stiffed, there isn't much you can do. You can still process through the Interac network, but again you get get the same purchase insurance and also there is nothing stopping a group of people from pressuring interact not to process payments from a certain website as was the case with Itch.
- philistine 1y agoLike I said, perfect is the enemy of good.
- kennywinker 1y ago$1/etransfer sucks. Bigger institutions get lower rates they can offer to customers - but that just serves to fend off challengers to our banking oligopoly.