Bank transfers as a payment method • Hacker News Board

Re: Bank transfers as a payment method

#281

Post by yxhuvud » Sat, Nov 27, 2021, 5:30 PM UTC

jacekm wrote: post #240

kalleboo wrote: post #28

When 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…

In Poland we have "Blik" [1]. It's immensely popular here, especially for online transactions and p2p transfers. Recently it started expansion to physical stores too. Seems to be quite similar to Swish. [1] https://en.wikipedia.org/wiki/Blik_(payment)

Swish works for person to person transactions, physical store payments, and I've also seen some companies starting to use it for monthly bill payments (ie, send out a paper with qr code, user scan it with app and signs it, and bill is paid).

Re: Bank transfers as a payment method

#282

Post by moberley » Sat, Nov 27, 2021, 5:31 PM UTC

OJFord wrote: post #270

neom wrote: post #223

Earlier quoted context omitted.

Cazy how civilized the Canadian system is. You can whip open your banking app, enter the email of anyone with a Canadian bank account, link is generated, money is instintly deposited. People basically use this for everything except regular debt purchases (and even then, in instances that you forget your wallet, non-chain stores will usually let you etransfer someone). It's how I pay rent etc. No fees. It's been like…

So instead of 'which number do you want me to send your money to' it's 'which email address do you want me to send your money to'? Great?

The recipient token can also be a phone number capable of receiving a text message.

Re: Bank transfers as a payment method

#283

Post by theptip » Sat, Nov 27, 2021, 5:32 PM UTC

victor22 wrote: post #265

Someone please tell Patrick about bitcoin... Jk, he works for stripe/banks so he has to turn a blind eye. Feels like I'm watching Kodak resisting the digital camera all over again

Bitcoin lacks reversibility, which turns out to be a necessary property for a payments network to cover all use cases.

This (as well as expensive fees, until lightning, and wild price fluctuations) is why it never really caught on as a SWIFT/Western Union replacement.

Re: Bank transfers as a payment method

#284

Post by OJFord » Sat, Nov 27, 2021, 5:39 PM UTC

moberley wrote: post #282

OJFord wrote: post #270

Earlier quoted context omitted.

So instead of 'which number do you want me to send your money to' it's 'which email address do you want me to send your money to'? Great?

The recipient token can also be a phone number capable of receiving a text message.

Sure fine, to be clear I meant bank account number - using an email address (or phone number) isn't clearly better to me (I think it's worse?) in any way, that's all.

Re: Bank transfers as a payment method

#285

Post by moberley » Sat, Nov 27, 2021, 5:40 PM UTC

srhngpr wrote: post #280

djmips wrote: post #279

Earlier quoted context omitted.

Counterpoint. I use Interac e-Transfer all the time. Zero problems. No spam. No fraud. Works fast. There is auto-deposit now so it's even more frictionless than before and it's sped up to essentially instant on regular purchases. And yes, I pay my rent with e-Transfer.

Agreed and it's free across all banks, and some have even raised daily transfer limits to $7000 or more. It's also one of the easiest and fastest no-fee methods to transfer money into crypto exchanges/platforms in Canada.

It is not free with all participating institutions in the Interac system. At the credit union I use they charge a transaction fee for e-transfers.

Re: Bank transfers as a payment method

#286

Post by p2p_astroturf » Sat, Nov 27, 2021, 6:00 PM UTC

bogota wrote: post #12

jacquesm wrote: post #9

Earlier quoted context omitted.

Crypto currencies are great for paying people whose names and banking details you don't necessarily know. I've used them to pretty good effect to date and the fact that they have all the drawbacks of cash and are used by criminals too doesn't diminish any of that.

.. wait until you find out what cash is used for.

I use it for buying groceries.

Re: Bank transfers as a payment method

#287

Post by rdtwo » Sat, Nov 27, 2021, 6:19 PM UTC

Does nobody here have a target red card? That’s what they do and they give you 5% back

Re: Bank transfers as a payment method

#288

Post by woobar » Sat, Nov 27, 2021, 6:40 PM UTC

oblio wrote: post #259

csomar wrote: post #154

Earlier quoted context omitted.

For a "third-world" country, South Africa has a quite developed financial infrastructure. This might be due to its historical links to the UK or by having a wealthy and connected elites.

South Africa was the first "second world" country in the economic sense, from before apartheid. Rich elites living roughly Western lifestyles and everyone else super poor.

"Second World" was the Soviet Union and its allies. SA most likely was a part of the First World.

Re: Bank transfers as a payment method

#289

Post by yokem55 » Sat, Nov 27, 2021, 6:45 PM UTC

Ekaros wrote: post #173

baby wrote: post #59

Earlier quoted context omitted.

Why not a stablecoin with lower fees?

How do stablecoins make money? That is how do they pay for everything they do? It either has to be fees or some sort of investment. And investments can always crash, thus resulting loss of money...

Circle makes money on the yield they get from the treasury bills they hold. If US treasury bills crash, the stability of USDC will be the least of our worries.

Re: Bank transfers as a payment method

#290

Post by antaviana » Sat, Nov 27, 2021, 6:49 PM UTC

odiroot wrote: post #184

realityking wrote: post #177

Earlier quoted context omitted.

> I got used to that and recently tried to use a Polish bank account to pay on Amazon and surprisingly it didn't work. Amazon has sent me an automated email with a demand for a (push) transfer, sadly with added fee for the trouble. That might be a function of Poland not being in the euro zone. AFAIK SEPA Direct Debit is only for transfers in Euro. Even if you tried to use a Euro bank account in Poland, either your ba…

Yep, I did use an EUR account. You may be right about the lack of proper implementation.

Did you have Marketplace charges? These are USD only.

When they launched the SEPA direct debit option a couple years ago I tried it and the debit bounced back.

Eventually I did not have the need for marketplace instances anymore, then I tried it again and it worked.