Australia's New Payment Platform performs bank transfers instantly, and can use email address, phone number, or business ID as a destination (the recipient must first have registered this with their bank). No fees. It's pretty decent. https://www.rba.gov.au/payments-and-infrastructure/new-payme...
Bank transfers as a payment method
91–100 of 335 posts
Re: Bank transfers as a payment method
#92The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…
I think it's less "factually incorrect" and more "nuanced and incomplete". As a European that moved between countries, I was very surprised when I learned that SEPA allows a "pull" mechanism even exists. I lived 30 years in Latvia without knowing this is a feature in SEPA because every single payment is a "push" mechanism. I'm not sure if banks can turn this feature off, or if it just culturally never gained traction…
> if banks can turn this feature off
You have to demand it. (Some of them will propose their solution.)
> if it just culturally never gained traction.
Very few people have read the PSD2 directive. (This friend of mine met a bank consultant who mixed it with a gaming console.)
Re: Bank transfers as a payment method
#93The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…
I think it's less "factually incorrect" and more "nuanced and incomplete". As a European that moved between countries, I was very surprised when I learned that SEPA allows a "pull" mechanism even exists. I lived 30 years in Latvia without knowing this is a feature in SEPA because every single payment is a "push" mechanism. I'm not sure if banks can turn this feature off, or if it just culturally never gained traction…
If you like pull transfers, try the Netherlands. I was surprised at the low number of businesses offering it in France. In the NL, with nearly every recurring payment, including government, they are almost always the only way to pay: setting them up with an accord to direct debit your account.
Re: Bank transfers as a payment method
#94I would love to see direct transfers replace payments via credit cards, which provide very little utility to customers in the end. I would also like to see this serve as an alternative to PayPal or Stripe or other such intermediaries. All these companies simply create unnecessary centralization points. And that also means they come with a central authority. And what do these authorities like to do? They like to build up market power, shelter themselves from competition, seek rent, and impose their political/moral will on their customers and on businesses. We saw it with porn. We saw it with Wikileaks. We seek it regularly now in the age of deplatforming. It’s time to move past them, and crypto does not have to be the only answer.
Re: Bank transfers as a payment method
#95The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…
I think it's less "factually incorrect" and more "nuanced and incomplete". As a European that moved between countries, I was very surprised when I learned that SEPA allows a "pull" mechanism even exists. I lived 30 years in Latvia without knowing this is a feature in SEPA because every single payment is a "push" mechanism. I'm not sure if banks can turn this feature off, or if it just culturally never gained traction…
SEPA 'pull', aka merchant initiated transfers require a one time authorization, repeat debits require a one time authorization for the first payment and can be re-run afterwards (used for subscriptions), and can be revoked up to 90 days after the payment was done.
Re: Bank transfers as a payment method
#96The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…
I'd have to agree. Everything in the article about Europe is technically correct, but it is such a small slice of the SEPA payments. The article is so misleading it might as well be wrong.
I make payments to the benelux, france, germany, spain and poland, and they go all over the push mechanism. Direct debit is for utilities, and that's about it.
For fraud, my bank provides a gui with active agreements. While I can't cancel an agreement there, I can set a maximum frequency and amount. I put them at once per year max 0.0001 Euro until they get removed.
Non recurring payments over direct debit (Or even worse Clarna) is an instant no. I take another payment method. If grabbing money from my bank without my control is the only option, that's a red flag. I consider the company sleazy enough to go find a competitor, even if it raises the cost.
Re: Bank transfers as a payment method
#97Earlier quoted context omitted.
Tikkies are the Dutch equivalent. https://dutchreview.com/expat/tikkie-netherlands/
I'd say they have become obsolete ever since all major banks now support similar functionality (payment requests) + the enablement of instant payments across Dutch banks
Hate that neither of them support non-Dutch banks (well, I think maybe Rabo has an extra paid service that does, but I don't bank there). Bunqs service did also accept CC, but I had to quit them over their never ending 'innovation'.
I desperately need something that works at least in the entire Eurozone.
Re: Bank transfers as a payment method
#98Earlier quoted context omitted.
I think it's less "factually incorrect" and more "nuanced and incomplete". As a European that moved between countries, I was very surprised when I learned that SEPA allows a "pull" mechanism even exists. I lived 30 years in Latvia without knowing this is a feature in SEPA because every single payment is a "push" mechanism. I'm not sure if banks can turn this feature off, or if it just culturally never gained traction…
If you like pull transfers, try the Netherlands. I was surprised at the low number of businesses offering it in France. In the NL, with nearly every recurring payment, including government, they are almost always the only way to pay: setting them up with an accord to direct debit your account.
Government payments in the Netherlands can be done in installments using direct payments, but the direct debit ones are the easiest and that is why many people use them. Far less chance of missing a payment. But if you want to do it yourself for every payment you can. Better not miss any though.
Re: Bank transfers as a payment method
#99When discussing Europe, you can't leave out the rise of mobile payments that work similar to India's UPI. For instance, in Sweden, "Swish"[0] has quickly taken over the market for casual payments, with free, instant, irreversible bank transfers between individuals using only the recipients phone number (or a QR code). They are a bunch of these systems, but currently they are all fractured into national systems, altho…
Vipps is the Norwegian equivalent, I guess...? [1]
Re: Bank transfers as a payment method
#100When discussing Europe, you can't leave out the rise of mobile payments that work similar to India's UPI. For instance, in Sweden, "Swish"[0] has quickly taken over the market for casual payments, with free, instant, irreversible bank transfers between individuals using only the recipients phone number (or a QR code). They are a bunch of these systems, but currently they are all fractured into national systems, altho…
Vipps in Norway. https://vipps.no/