alt Hacker NewsGod I wish the US had a digital payment system that we could all basically agree on. Having Apple Pay vs Google Pay vs Zelle vs Paypal vs Venmo vs all the others is annoying as hell.
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It is one of these instances where « let the market decide » is not necessarily the best option on the long run.
We do, it’s called FedNow, it’s been live for some time. Instant payments for a few cents per transaction, up to $10M per transfer. Why don’t financial institutions switch to it? To keep getting the fees they’re accustom to.
Other countries are working to avoid the US financial infra rake and grift, but you’re captured by it if you’re stuck in the US unfortunately, because the US political will does not exist to compress profits for the financial services industry.
https://news.ycombinator.com/item?id=48415854
https://news.ycombinator.com/item?id=48416032
FedNow Is Live - https://news.ycombinator.com/item?id=36801491 - July 2023 (1022 comments)
The first time I read "US store X supports Apple Pay or Google Pay now" I was really confused. I didn't know that was a thing. Here (NL) contactless payments works with every debit card, physical or stored Apple Google/Pay, in every store. There is no difference between payment providers, everyone offers contactless payments and it works with every bank.
(The only exception are credit cards, but they are not used a lot, mostly for online purchases outside The Netherlands or when renting a car abroad.)