Also, Something to take into account is that, most of the time, delays in wire transfers are due to bank compliance checks imposed by states! (In addition with bank usual incompétences)
Commission proposes to accelerate the rollout of instant payments in euro
81–90 of 151 posts
Re: Commission proposes to accelerate the rollout of instant payments in euro
#82Earlier quoted context omitted.
It’ll be trivial if Apple implements it. Europeans? They’ll figure out a way to require chipTAN and SMS confirmation for POS transactions.
Although not in euro, but Denmark has MobilePay that’s instant.
NL here. We use Tikkie for similar needs as MobilePay. Although the ability of merchants to simply display a QR code for their customers to complete the transaction is a convenience I miss here.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#83Earlier 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…
1. I am European (Irish) and I am constantly being told not to give out bank details. I don't mean people are always telling me that, but when ever there is information about being safe and avoiding scams they always say to not give out bank details, and that is info for EU people. There are many examples online.
2. I was replying to a message, and in that message the user gave the example that at a farmers market someone could pay using a bank transfer. If I'm a farmer at that market I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me, so they can instantly transfer money to my account.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#84Earlier quoted context omitted.
Can you provide an example?
Exactly as parent mentioned - in China, if you mess with Party or they just deem you undesirable for whatever reason ie ethnicity, you can't purchase plane tickets, not even domestic ones. Heck, not even trains so you can't effectively travel within China. No mortgages/loans. Of course it will affect your hiring options badly. I believe it goes way deeper. China is already 1984 for a decade+
So almost like when you have a felony record in the USA?
Re: Commission proposes to accelerate the rollout of instant payments in euro
#85This 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 -…
> By now, the market has other, more internationally accepted modes of payment.
Hundreds of millions of citizens gain access to instant payments through SEPA. It’s already compatible with the existing banking system Europeans are already used to, i.e. share an IBAN with someone and share money. Which other cheap instant payment methods are there that are available to so many people?
Re: Commission proposes to accelerate the rollout of instant payments in euro
#86At least EU working to give bitcoin the hype! Thanks EU!
Re: Commission proposes to accelerate the rollout of instant payments in euro
#87This 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…
>>> The only thing missing is forcing banks to provide an API for third party integrations
I believe they have to provide this API to comply with the PSD2 directive. Namely, they have to open the bank to TPPs (Third Party Payment Service Providers)
Re: Commission proposes to accelerate the rollout of instant payments in euro
#88Earlier 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…
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Re: Commission proposes to accelerate the rollout of instant payments in euro
#89I 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.
You could schedule the transfer if you are "undecided". Why would you want to rely on unknown bank timmings?
Re: Commission proposes to accelerate the rollout of instant payments in euro
#90Earlier quoted context omitted.
Exactly as parent mentioned - in China, if you mess with Party or they just deem you undesirable for whatever reason ie ethnicity, you can't purchase plane tickets, not even domestic ones. Heck, not even trains so you can't effectively travel within China. No mortgages/loans. Of course it will affect your hiring options badly. I believe it goes way deeper. China is already 1984 for a decade+
So almost like when you have a felony record in the USA?
What impact does this actually have? Can you not get a credit card any more?