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Commission proposes to accelerate the rollout of instant payments in euro

ec.europa.eu

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Re: Commission proposes to accelerate the rollout of instant payments in euro

#31

Post by qngcdvy »

ajsnigrutin wrote: post #17
newaccount74 wrote: post #4

This 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 Pay…

On the other hand, this is another step towards cashless society, where every transaction is tracked by the government.

As much as the tracking I fear the access control.

Made some stupid comment online while being drunk? We take your ability to by transportation passes/plane tickets...

IIRC this is already happening in China.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#32

Post by prvit »

tluyben2 wrote: post #13
newaccount74 wrote: post #4

This 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 Pay…

Practically this is already the case in many countries; NL to my Revolut or PT accounts is seconds, vice versa too. It works well. But it is not guaranteed. Api would be good; I can imagine visa and mastercard are getting a little bit panicked as this is already trivial and I am using my phone for payments anyway (no idea where my card is) (but still use them of course via NFC).

It’ll be trivial if Apple implements it.

Europeans? They’ll figure out a way to require chipTAN and SMS confirmation for POS transactions.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#33

Post by prvit »

hocuspocus wrote: post #26
thefounder wrote: post #5

I wonder why are not the "slow" methods banned.

If I wire 200k I honestly don't care if it takes a few hours (nowadays, old-school SEPA transfers don't necessarily take more) and happens only during business days/hours. It gives everyone more room to cancel if you fucked up.

If I wire 200k to buy a car, I want that money to arrive instantly. I certainly do not want to spend hours at some parking lot waiting for the money to arrive, I want to sign the papers right there and then and take the car with me.

No fucking way I’m gonna leave some random with both the car and my 200k. So instead of sending a bank transfer, I still have to show up with a big bag of cash in 2022.

The amounts where multi-hour transaction times are consistently acceptable will be significantly higher, 200k is still well within normal everyday p2p transactions.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#34

Post by DocTomoe »

newaccount74 wrote: post #4

This 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 Pay…

I feel this is too little, too late. People who would use this already have started using Credit/debit cards (instead of local systems). Bank account numbers are not easy to transmit (sure, we could do this via QR code, but that's a new piece of technology people would have to learn how to use). The internet has happened, and it works on credit card-style numbers.

Banks had a chance to introduce this ten years ago - but back then, they were greedy and wanted to keep money in limbo, most likely to have an advantage in taking interest. By now, the market has other, more internationally accepted modes of payment.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#35

Post by aitchnyu »

CoUHKT57BSe wrote: post #24
newaccount74 wrote: post #4

This 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 Pay…

Doubt it will be huge, we are constantly being told not to give out our bank details as scammers want them, now you think it'll be great if we just give out our bank details to every stranger we meet at the market. This will be great, for sending/receiving money but is hardly a replacement for card payments.

Indian UPI apps allow you to type phone number or find contact sender and receiver uses same app, or phonenum@bankname or user@bankname ids with equivalent QR codes or one time QR codes with amount. Money is routed to/from multiple bank accounts.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#36

Post by dylan604 »

prvit wrote: post #32
tluyben2 wrote: post #13

Earlier quoted context omitted.

Practically this is already the case in many countries; NL to my Revolut or PT accounts is seconds, vice versa too. It works well. But it is not guaranteed. Api would be good; I can imagine visa and mastercard are getting a little bit panicked as this is already trivial and I am using my phone for payments anyway (no idea where my card is) (but still use them of course via NFC).

It’ll be trivial if Apple implements it. Europeans? They’ll figure out a way to require chipTAN and SMS confirmation for POS transactions.

don't forget the QR code

Re: Commission proposes to accelerate the rollout of instant payments in euro

#37

Post by yrgulation »

hardware2win wrote: post #7

Will 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

Sounds a lot like ING payments in Romania - takes seconds to transfer money in accounts at the same bank, and all you need is a phone number, or a qr code. Transferring to other banks takes a few hours and my understanding is that its getting faster.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#38

Post by lou1306 »

hardware2win wrote: post #7

Will 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

Similar systems exist also in France (Paylib) and Sweden (Swish). Swish is embarassignly popular and also accepted in many shops. Making them compatible EU-wide seems like the logical next step.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#39

Post by themitigating »

qngcdvy wrote: post #31
ajsnigrutin wrote: post #17

Earlier quoted context omitted.

On the other hand, this is another step towards cashless society, where every transaction is tracked by the government.

As much as the tracking I fear the access control. Made some stupid comment online while being drunk? We take your ability to by transportation passes/plane tickets... IIRC this is already happening in China.

Can you provide an example?

Re: Commission proposes to accelerate the rollout of instant payments in euro

#40

Post by pier25 »

newaccount74 wrote: post #4

This 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 Pay…

This is commonplace in Mexico already.

My regular taco place here only accepts cash or bank transfers, no cards.

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