Quote:
Originally Posted by Itse
I have 2 different free, instant money transfer apps on my phone right now (MobilePay and Pivo). You can also pay in stores with them, and they've been around since 2013. They take about two seconds to process a transfer from one bank account to another, and you don't have to know any bank details, if you have their phone number on your phone and you both have MobilePay, it's about as easy as sending a chat message.
(Obviously I also have mobile banking apps too, but they're so much more hassle, so they're really mostly used as online identification tools for things like getting a vaccination time.)
MobilePay is pretty much the presumed way you give money to a friend, and probably about half the used stuff I've bought or sold from individuals (facebook marketplace etc.) is paid with MobilePay.
Americans are way behind the curve in banking services and have been for as long as I can remember. We used to laugh at cheques, paper bills are probably going to look funny soon.
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Europe is way ahead of the curve with their open banking policies
They also have tons of VC backed Fintech's that loose $$ on every txn. When a company pays for the cost of you using their app/money $$ it is easy and free. It also leads to long term bankruptcy
These companies would all switch the rails they move the $$ on in a heartbeat if something was cheaper