41–50 of 703 posts
This is the best, and in my opinion, only use case for Ethereum
Both Bitcoin, and Ethereum have both proven that they are unsuitable for payments. Both with their demonstrably slow, expensive and unscalable layer 1 and their ducktaped contraptions of their non standard layer 2 solutions.
I can only see a few cryptocurrencies that are suitable for the payments use-case which the ones considered for this are part of the ISO 20020 standard.
All these fintech companies wanting ACH access to my bank account? If a transaction gets fucked up (i.e. someone puts the decimal in the wrong place) it's my immediate and hard to fix problem. I have to deal with my bank's bureaucracy and their goodwill. In the meantime I have no access to my money. If someone fucks up the same using my credit card number it's one call and the company takes care of it and because it's in arrears I still have all my cash.
Nope. It'll be a cold day in hell before I give any fintech get direct access to my checking account for payments.
The President of Brazilian Central Bank recently said that "credit cards will soon cease to exist" src (pt only) https://www.poder360.com.br/economia/campos-neto-diz-que-car...
https://www.moderntreasury.com/learn/what-is-fednow > FedNow is an instant payment service for both individuals and businesses. Once launched, the initial transaction limit will be $25,000. This means that FedNow be more useful for small businesses and retail payment needs until it is widely adopted and the transaction limit grows. > In early 2022, the Federal Reserve released pricing and fee details for their real-t…
> Merchants can pass the CC surcharge through Can they? I was under the impression (unverified) that they are under contract to provide the same prices for CC customers as they do for cash or debit card.
[0] https://en.m.wikipedia.org/wiki/Ohio_v._American_Express_Co%...
Does anyone sincerely believe FedNow will gain traction for consumer payments? The fees don’t seem particularly cheap (at least compared to something like Solana Pay), and the FedNow website does not inspire confidence.
1.4 billion people in China use WeChat to pay for everything. They don't even bother with credit cards.
Fortunately, phones never get lost. Or broken. Or stolen. Or discharge. Or malfunction. Or lock people out for no good reason. I can put a $100 bill through the washing machine and it's still perfectly usable. When I can do that with a phone, maybe I'll switch. I ran a credit card through the washer and dryer last month, and even though it got bent, and the stripe doesn't work anymore, the chip does. And the numbers…
https://www.moderntreasury.com/learn/what-is-fednow > FedNow is an instant payment service for both individuals and businesses. Once launched, the initial transaction limit will be $25,000. This means that FedNow be more useful for small businesses and retail payment needs until it is widely adopted and the transaction limit grows. > In early 2022, the Federal Reserve released pricing and fee details for their real-t…
>Merchants can pass the CC surcharge through Unless things have changed in the last 20ish years, if you accept credit cards you’re not allowed to charge different prices for CC vs non-CC payments (although there are apparently some carve-outs for gas stations).
This is the best, and in my opinion, only use case for Ethereum
If I end up on a random, self-hosted ecommerce site and decide to make a purchase - what guarantee do I have that the item will show up or be as-described? If I bought something through a bank transfer, reversing that purchase would be incredibly difficult. And, suing a merchant is prohibitively slow, expensive, and arduous.
Also, modern B2C SaaS is built on credit card subscriptions. The ability for a merchant to pull payments on a recurring basis from a credit card requires an incredible amount of trust. If consumers had to push payment every month or year to continue subscriptions (instead of having it automatically debited), then churn rates would skyrocket and modern SaaS multiples would crash - taking company valuations with it.
So, I'm sure online merchants are happy to keep paying their ~3% fees as long as sales continue. Nobody wants to go back to "Cash on Delivery", and nobody wants to hire workers to knock on doors asking for bills to be paid.
https://www.moderntreasury.com/learn/what-is-fednow > FedNow is an instant payment service for both individuals and businesses. Once launched, the initial transaction limit will be $25,000. This means that FedNow be more useful for small businesses and retail payment needs until it is widely adopted and the transaction limit grows. > In early 2022, the Federal Reserve released pricing and fee details for their real-t…
> Merchants can pass the CC surcharge through Can they? I was under the impression (unverified) that they are under contract to provide the same prices for CC customers as they do for cash or debit card.
I think you can also advertise the credit card price and offer a cash discount.
Debit cards still have transaction fees, though lower ones I believe, so they usually get the same price as credit cards, but none of the benefits like points.