alt Hacker NewsIt also solves an exclusively American problem. In my country anyone can send money bank to bank, no need for a separate service.
It also solves an exclusively American problem. In my country anyone can send money bank to bank, no need for a separate service.
Absolutely, most of this is private corporate duct tape over a lack of Pix (Brazil), UPI (India), Instant SEPA (Europe), etc [1]. “Americans can always be trusted to do the right thing, once all other possibilities have been exhausted.” [2] In a US financial services market, Venmo and CashApp are unnecessary assuming you procure a deposit account from a bank or credit union with instant payment rails access [3] [4]. Even Schwab has access to Zelle, for example. You need not extend credit and have credit risk exposure for paper checks anymore as well as an issuer of a deposit account.
[1] https://en.wikipedia.org/wiki/Instant_payment
[2] (widely attributed to Winston Churchill)
[3] https://enroll.zellepay.com/
[4] https://www.frbservices.org/financial-services/fednow/organi...