61–70 of 151 posts
Every country, or union of countries, should be in full control over its payment services and infrastructure.
Instant payments in euro? It's called cash you fucking authoritarians! It is never "locked in transit in the financial system" and can be instantly "consumed" and "invested" by the receiving party.
> while preserving the effectiveness of screening of persons that are subject to EU sanctions, through a procedure whereby payment service providers will verify at least daily their clients against EU sanctions lists
> in full conformity with existing rules on sanctions and fighting financial crime
The real reason: to have government approve every transaction. Sure they mean russians now but it will expand. We've seen the massive overreach of government force the past 2 years to keep people confined in their homes. Too critical of government? Sanctioned. Bought too many calories? Sanctioned. Bought too many joules of energy? Sanctioned.
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On the other hand, this is another step towards cashless society, where every transaction is tracked by the government.
I don’t see an issue. The government already knows how much I earn, where I live, etc.
The question for you is whether the government has a need or the right to know every penny (or whatever fractional currency you can legally use) that you move around. This shouldn’t be confused with the government having a need to know about incomes and/or wealth for taxation purposes. Sales or consumption taxes collected by sellers don’t typically care who exactly pays it or what the mode of payment is.
Trusting a nebulous entity like a government to track every expense and every money transfer would be draconian, and would be understandable only in dictatorships and authoritarian regimes (and the ones very close to becoming one).
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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…
I’m curious, what cars are you buying for $200k? Do you mean USD?
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Yours may be an extreme example, but verification may be a hard to solve problem once account holder names become too long or have funky characters in it (as is often the case in the EU). For instance, my electricity provider is the EnBW Energie Baden-Württemberg AG Yes, EnBW, the shorthand for the name, is PART of the official name, yes, that is an Umlaut, and yes, the name is too long to fit into the standard accou…
The UK came up with a practical solution to implement confirmation of payee . You need to enter the account holder name and select personal or business (with laxer rules for the latter, I assume). The API returns perfect match or partial match (actual holder name) and allows you to proceed, or no match . A paper form means there's a human who enters the data at some point, no?
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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.
1. Europeans are not "constantly being told not to give out our bank details". That's an American thing, apparently due to a quirk that allows anyone with a US bank account number to draw money from that account. Euro banks certainly don't work that way. Having a Euro bank account number only allows people to transfer to, not from that account. 2. Why do you believe that an instant payment system requires us to "give…
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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.
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It’ll be trivial if Apple implements it. Europeans? They’ll figure out a way to require chipTAN and SMS confirmation for POS transactions.
Europeans are so far ahead the US in mobile payments its not even funny.
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I don’t see an issue. The government already knows how much I earn, where I live, etc.
Oh, you bought booze and chocolates yesterday? You're getting fat and drunk, your health insurance just went up. Oh, you made an inapropriate comment on twitter... no more concerts and movie tickets for you. As said by someone else below, china has a similar system in place, where chinese people with low social scores cannot buy public transportation tickets. And I also don't think the government needs to know you we…
In the area where this instant payment system will go up, health insurance is universal and government regulated as well :)