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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

#71

Post by DocTomoe »

em500 wrote: post #47
CoUHKT57BSe wrote: post #24

Earlier quoted context omitted.

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…

> Having a Euro bank account number only allows people to transfer to, not from that account.

At least in the case of Germany, this is factually incorrect: We do have Lastschrift, which is eerily similar to "drawing money from an account". Sure, we can get that money back during a six week period IF the receiver still has it, but it is a hassle.

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

#72

Post by nottorp »

em500 wrote: post #47
CoUHKT57BSe wrote: post #24

Earlier quoted context omitted.

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…

> 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.

What? I thought the main problem was how easy it is to do identity theft in the US. You mean I can steal someone's money with just their account number ?!?

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

#73

Post by Y_Y »

ajsnigrutin wrote: post #51
f6v wrote: post #50

Earlier quoted context omitted.

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…

It's not like I've been keeping the fact that I'm fat and drunk a secret from anyone.

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

#74

Post by dathinab »

Goz3rr wrote: post #9
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

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 mess…

Probably, a lot of banks in the EU have one or another instant payment system.

And many have somewhat adept ways to convenient setup bank transfer between two people (e.g. through an qr code), standardizing this would be a much bigger improvement then just standardizing the first part.

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

#75

Post by IanCal »

rwmj wrote: post #66
em500 wrote: post #47

Earlier quoted context omitted.

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…

In the UK you can set up a direct debit with just the bank account details (not quite the same as withdrawing money, but still enough to scam someone). The rest of your comment is quite correct though.

Although there is at least the safety of the direct debit system, where if you flag it then the bank must immediately pay you what was taken.

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

#76

Post by koblas »

teknolog wrote: post #69
emptyfile wrote: post #67

Earlier quoted context omitted.

Europeans are so far ahead the US in mobile payments its not even funny.

As a European living in the US I don't get that. Seems very similar to me.

SEPA Instant (UK Faster payments) has been in market for a few years now. While the Federal Reserve is still working on rollout plans for FedNow.

The US "instant payments" is Venmo/PayPal which are secondary to the banks not primary.

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

#77

Post by samjmck »

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.

Which country do you live in? I’m from Belgium and I’ve never heard that before.

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

#78

Post by catiopatio »

nottorp wrote: post #70
ajsnigrutin wrote: post #51

Earlier quoted context omitted.

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…

> Oh, you bought booze and chocolates yesterday? You're getting fat and drunk, your health insurance just went up. In the area where this instant payment system will go up, health insurance is universal and government regulated as well :)

In this context, “universal and government regulated” also means “inescapable and absolute”.

Your health insurance might not go up, but you could find procedures being denied if, based on your purchases and behavior, the cost would be a poor investment for society and the state.

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

#79

Post by dathinab »

MichaelZuo wrote: post #3

Interestingly, 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…

Most banks in the EU already have such payment systems, which is part why the EU moves things ahead I think.

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

#80

Post by koblas »

mig39 wrote: post #52

We have Interac e-mail and SMS transfers in Canada. No need to give out bank details. Just give someone your e-mail or phone number and they can send you money via their bank app. They don't even need to know which bank you use.

Interac is a network by the bank cartel in Canada, not run by the government. Payments Canada is working on Real-Time Rail as a payment system that is independent from the banks. For example if you send funds to your brokerage they take 24+ hours to arrive, with Real-Time they'll arrive in a minute.
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