Commission proposes to accelerate the rollout of instant payments in euro
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Re: Commission proposes to accelerate the rollout of instant payments in euro
#2Obviously a good idea that should be implemented immediately.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#3Interestingly, the claim that: "there is no reason why many citizens and businesses in the EU are not able to send and receive money immediately" is made on the record by the responsible official, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union.
Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more stringent control to guarantee that 10 second deadline.
The increased costs will inevitably have to be paid for somehow, likely via incereased fees.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#4This will be huge. This will allow anyone to accept digital payments, eg. at a farmers market, using the bank accounts everyone already has.
The only thing missing is forcing banks to provide an API for third party integrations, but I think there is a separate proposal on the way for that.
Imagine being able to accept instant payments from everyone in the EU, without having to sign up for a service like Stripe or Paypal, just using a normal bank account from any of hundreds (thousands?) of banks in the EU. And your customers don't even need a credit card, just the banking app they already use every day.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#5I wonder why are not the "slow" methods banned.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#6Interestingly, the claim that: "there is no reason why many citizens and businesses in the EU are not able to send and receive money immediately" is made on the record by the responsible official, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union. Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more…
The tech for instant tranfers is already there, they just charge ridiculous amounts for it.
Eg. my bank charges 7€ for an instant transfer, slow transfers are free. This proposal would make all transfers free and instant.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#7Will it be like Polish BLIK?
https://en.wikipedia.org/wiki/Blik
Instant payments
Money transfers over phone number
2 minutes payment codes that you type on e.g website and accept payment in app
Shopping example: https://www.youtube.com/watch?v=hBw1qa07gGU
Re: Commission proposes to accelerate the rollout of instant payments in euro
#8Interestingly, the claim that: "there is no reason why many citizens and businesses in the EU are not able to send and receive money immediately" is made on the record by the responsible official, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union. Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more…
The tech for instant tranfers is already there, they just charge ridiculous amounts for it. Eg. my bank charges 7€ for an instant transfer, slow transfers are free. This proposal would make all transfers free and instant.
One of my banks in Portugal charges €1,7 flat for any instant transfer also. It's infuriating to know that the tech is there but banks are just being banks.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#9Will it be like Polish BLIK? https://en.wikipedia.org/wiki/Blik Instant payments Money transfers over phone number 2 minutes payment codes that you type on e.g website and accept payment in app Shopping example: https://www.youtube.com/watch?v=hBw1qa07gGU Stats: https://www.youtube.com/watch?v=rDI4R94ZLvM
It's basically a SEPA transfer as they already exist, except instant. I'm not sure how Poland would fit into this exactly as the press release specifically mentions payments in euro, not zloty.
Dutch banks have supported instant payments for a couple of years now, and the way person to person payments are most often done is through something called a "Tikkie" which involves sending someone a payment URL (via any messaging platform or a QR code) which then opens their own banking app on their phone.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#10I've read a lot of praise for India's IMPS. In a digitalized world with widespread usage of mobile devices universal instantaneous intra-bank payments are an obvious step forward. It'd be great if this could in some way remove the dependency on the payment processors duopoly while keeping fees low or non-existent (at the moment, depending on your gateway, instant SEPAs have a few euros fees) and decreasing friction as the proposal says, let alone the security implications. Merchants would also be more willing to adopt these technologies in less developed areas.