191–200 of 238 posts
They spent one billion Australian Dollars to implement a national system for instant payments and have yet to convince banks to adopt it? And it forces users to hand out their phone number or email to strangers? Given that, Bitcoins $140B market cap does not seem too unreasonable. As it is international and gives users better privacy controls.
Bitcoin: a bargain at $40 per transaction in fees! Edit: And several hours to clear
what?
Did I just read that they spent a billion dollars on it?
Even before this, Australia still had direct person-to-person transfers. They'd just take a day, and required an account number and name. I've written about this before, but American is terribly far behind on this: https://penguindreams.org/blog/the-american-banking-system-i... The closest thing we have in the US is Zelle, which is not a government mandated standard (like ACH) but a private standard created by banks…
The US is in dismal shape compared to the UK and now Australia--And its pretty infuriating. Although from what I understand on March 16th, 2018 the US will at least get same-day ACH. However, it will still be batch processed only two times each day--During banking hours no less! https://www.nacha.org/rules/same-day-ach-moving-payments-fas... There is a NPR planet money on why the US has such an archaic system: https:…
They spent one billion Australian Dollars to implement a national system for instant payments and have yet to convince banks to adopt it? And it forces users to hand out their phone number or email to strangers? Given that, Bitcoins $140B market cap does not seem too unreasonable. As it is international and gives users better privacy controls.
Bitcoin: a bargain at $40 per transaction in fees! Edit: And several hours to clear
In India , similar system called IMPS is pretty popular for small to medium transactions. UPI is also getting popular and it’s based on IMPS
Earlier quoted context omitted.
Credit and debit card acceptance could definitely be better (even though I was doing all right in Berlin), but I don't agree about opening bank accounts: - N26: it took me literally 10 minutes. Identification via video chat. - comdirect: as far as I remember, I mailed them one 4-page form, dropped by the post office for the PostIdent and that was it. - Postbank (I needed an IBAN quickly while waiting for comdirect ;)…
When I opened the bank account with the bank that now has my mortgage (in New Zealand), I was here on a visitor’s visa, and had literally been in a country only a few days. I was able to open a bank account and get a card in 15 minutes. A few days later, I had a NZ tax number. Since then this is my benchmark for ease :)
When I moved to the US 4 years ago I hadn't written a cheque in 15 years; I was in for a rude surprise.
Earlier quoted context omitted.
Yeah, only for receiving for now as far as I'm aware. As far as the reason it's restricted to certain types, I'm not sure - I'm contracting at a subcontractor of SWIFT so we're down the pipeline at the implementation end of things, not much visibility of business decisions.
I think I know one of the QA people who work in your company. You’ve done a pretty amazing job from the little snippets I’ve heard of this project!
In India , similar system called IMPS is pretty popular for small to medium transactions. UPI is also getting popular and it’s based on IMPS
How does it work? Can I use an Android app to send money? Do I just enter the recipient's mobile phone number or is there something else that identifies the recipient?
The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING). When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name. So in effect, they’ve just implemented a nationwide number-to-name lookup system. Separate to this, these two banks are pushing it hard. It feels like a land grab, since a single…
Huh. With the current transfer system, you input their account number and name to confirm you're sending it to the right place (at least for NAB and ANZ). That does sound like a bit of an information leak. I mean the big advantage is that you can make pretty big purchases, like pay for a bicycle or car, in real time without having to wait to see the transfer the next day.