311–320 of 335 posts
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You can have a cryptocurrency wallet with money denominated in USD or Euros, too (asset-backed stablecoins).
…which is the same thing as a bank account but not FDIC insured and now you have to pay cryptocurrency transaction fees.
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It's pretty great. These transfers sometimes arrive within <1s. The speed and ease of use is something that cryptocurrencies are "trying" to "solve" (Among other things). Most aren't aware of the wide adoption here already, of course there are other aspects crypto's score better on. But if all bank transfers would be a Tikkie, then what would Crypto's, in terms of ease of use and speed have to offer?
Nothing, those were never claimed as cryptocurrency strenghts, the opposite in fact, were accepted as weaknesses that were still worth it considering the other benefits.
Odd not to touch on Open Banking and PSD2 in Europe; as that is basically the future he is talking about. In essence; financial institutions are legislated to add customer friendly UX and fraud prevention on top of standard bank to bank transfers. It's effectively a set of APIs that orchestrate it all, with things like dynamic linking to the payment and secure authentication rules for anti fraud. The idea is for comm…
Follow up; I've looked into UPI a bit more. It's... Interesting. I think it's basically solving a very widespread and local use case - which is very low value transactions which are normally done in cash. The AVG value of transactions look to be around $2. Anything of reasonable value (say $10 still tends to be card-based. This makes sense; fees on cards make anything under $5 cost ineffective, plus you need relative…
> say $10 still tends to be card-based.
What's your source for this info? People here don't use cards if they don't have to. It's a payment mode of last resort. Credit cards do not provide fraud protection here, so there is no point in using it.
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Nothing, those were never claimed as cryptocurrency strenghts, the opposite in fact, were accepted as weaknesses that were still worth it considering the other benefits.
From the time I entered the world of Crypto (2012) until now. Both speed and ease of use were major selling points for many, if not most alt-coins. Sure, it's not the core promise of ALL those alts, but I remember a period (Raiblocks/Nano), where no crypto could even dare to under deliver on the promise of speed.
Promises aren't worth zilch. (We now do have additional features that some altcoins actually deliver on, the most famous one being of course Ethereum with its smart contracts... but trying to beat the ease of use and speed of in-country traditional banking is a lost cause.)
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Follow up; I've looked into UPI a bit more. It's... Interesting. I think it's basically solving a very widespread and local use case - which is very low value transactions which are normally done in cash. The AVG value of transactions look to be around $2. Anything of reasonable value (say $10 still tends to be card-based. This makes sense; fees on cards make anything under $5 cost ineffective, plus you need relative…
The UPI daily transaction limit is INR 100,000 (~USD 1332). > say $10 still tends to be card-based. What's your source for this info? People here don't use cards if they don't have to. It's a payment mode of last resort. Credit cards do not provide fraud protection here, so there is no point in using it.
I found a source from July that says AVG transactions are now up to around $20 equiv. And the total transaction value is above card transactions now. Although the volume of transactions is 10x which is indicative.
My understanding is India is a very cash-based culture? So the idea of UPI replacing that seemed uncontentious?
Looks like there are 3/4 Billion dollars worth of card transactions each month though, so that's not insignificant. I wonder how much bigger the cash culture is in value, I'd assume quite large.
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The UPI daily transaction limit is INR 100,000 (~USD 1332). > say $10 still tends to be card-based. What's your source for this info? People here don't use cards if they don't have to. It's a payment mode of last resort. Credit cards do not provide fraud protection here, so there is no point in using it.
Various news articles was my source. But re-reviewing a lot were from 2020. I found a source from July that says AVG transactions are now up to around $20 equiv. And the total transaction value is above card transactions now. Although the volume of transactions is 10x which is indicative. My understanding is India is a very cash-based culture? So the idea of UPI replacing that seemed uncontentious? Looks like there a…
This is correct. This leads to a lot of black money floating in the market. I am not sure what's the volume of cash transactions though.
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Name (only optionally checked), sort code & account number (which are not meaningfully distinct to an end user and I meant both by 'account number'). UK. Email seems at best no better to me, since why would I assume the address I use to speak to someone is the same one they use for their bank account? Or the particular bank account they want the money sent to?
I think you're misunderstanding how the system works. The email or txt is just to send the link/code. In theory you could open the email and copy/paste the link to someone else and they could deposit it into their own account. You just click the link, it directs you to select your banking portal, you login like you would and accept the funds into your account. Works on web and apps. Canadian banks all use what is cal…
So you enter an email address/phone number for them, and they receive a (presumably one time use, pre-set amount) link to retrieve money from you. That seems good. Ceteris paribus though (i.e. if both broadly implemented) I think I'd rather the recipient have the link where you go to pay, seems a bit odd to shift the onus on to the person you owe money to action it.
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- Customer UX: This really isn't as straightforward as you put it. The main issue for customers is that if they loose their wallet, they loose everything. This has to be accounted as part of UX, even making transactions is simple and straightforward. - Settlement/Certainty time: Blockchains combine these into one. They depends heavily on the specific chain. For some networks, its basically instant. Eth seems to be ar…
> Customer UX: This really isn't as straightforward as you put it. The main issue for customers is that if they loose their wallet, they loose everything. This has to be accounted as part of UX, even making transactions is simple and straightforward. At scale people will want to use custodians for large amounts of money. So basically banks will always be a thing. Only the backbone is changing.
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> 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. SEPA direct debit is a really really popular thing in Germany. Most utilities prefer (quite understandably) to pull from you instead of waiting for your transfer. Even landlords usually give you an agreement form to pull your rent out of your account. I got…
I find Blik to be one of the best payment methods ever invented. It gives you a one-time-use 6-digit code that is valid for no more than two minutes. When the code is given to a merchant, either on line or in person, you get a popup with the amount and merchant name which you need to manually approve. You can give that code out over the phone to a family member who's currently at the store buying things for you, or t…
This sounds like a great system, except that irreversible payment part. That’s only a feature for merchants and usually gets used to harm consumers in my experience.