this post was submitted on 23 Jul 2023
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Many countries, including those in the developing world, have had instant payments systems for years. They're very convenient, especially those that provide an "overlay" service (usually coming with a standardized app) that allows sending money to registered phone numbers, without dealing with bank account numbers.
Characteristically, the US version of instant payments seems half-assed. It's initially supported by only 35 banks (not including Citi and Bank of America). And it apparently does not provide a standardized overlay service. Many big financial stakeholders, including the credit card companies, no doubt view it as a threat and would be very happy if it does not catch on.
It’s honestly amazing how quickly a lot of developing countries have embraced this stuff. Hell, even roadside hawkers in a country like India accept instant bank transfers. It’s ridiculous that the US is so far behind.
No, because corporations like PayPal and Meta lobby against it. They got it don't worry about it.
/s