Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Commission proposes to accelerate the rollout of instant payments in euro

ec.europa.eu

Post reply on HN
Print view View original

121–130 of 151 posts

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

#121

Post by yohannparis »

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 transfer is a nightmare to use.

I want to send money or request money from someone?

  1. Ask for their info (e-mail or phone number)
  2. Login to my banking service (web or app)
  3. Create a new contact with 1.
  4. If they did not setup auto-deposit: setup a security question
  5. Send/Request money (+ security question, if needed)
  6. Wait few seconds~minutes for an email/SMS
  7. If you did not setup auto-deposit: Click on link provided to open 2.
Really...

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

#122

Post by CoUHKT57BSe »

messe wrote: post #107
newaccount74 wrote: post #94

Earlier quoted context omitted.

> I am constantly being told not to give out bank details You shouldn't give out usernames and passwords. Your bank account number is not a secret. > I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account nu…

> I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account numbers are not secret. There's not much people can do with a bank account number apart from send money to it. It's pretty much the same in Ireland, I've no idea what the other commenter thinks can be accomplished with an IBAN.

I was never talking about what can be accomplished with an IBAN. I was only saying that the idea of a world where everyone is going around buying things in the street with bank transfers is very unlikely as it contradicts the general advice given out about not using bank transfers and giving out bank details to strangers.

Seen as you are also Irish you will appreciate this example: https://www.citizensinformation.ie/en/consumer/common_consum...

Under the header 'Protect your money', the first bullet point is never use bank tranfers.

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

#123

Post by mig39 »

yohannparis wrote: post #121
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 transfer is a nightmare to use. I want to send money or request money from someone? 1. Ask for their info (e-mail or phone number) 2. Login to my banking service (web or app) 3. Create a new contact with 1. 4. If they did not setup auto-deposit: setup a security question 5. Send/Request money (+ security question, if needed) 6. Wait few seconds~minutes for an email/SMS 7. If you did not setup auto-deposit: Cl…

I didn't really see any of those steps as a nightmare :-)

But perhaps we have a different level of tolerance. For me, it's convenient.

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

#124

Post by ls15 »

f6v wrote: post #50
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.

I don’t see an issue. The government already knows how much I earn, where I live, etc.

> The government already knows how much I earn, where I live, etc.

There is no reason to allow them to know more, but there are very good reasons to let them only know what they really need to know.

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

#126

Post by ls15 »

messe wrote: post #107
newaccount74 wrote: post #94

Earlier quoted context omitted.

> I am constantly being told not to give out bank details You shouldn't give out usernames and passwords. Your bank account number is not a secret. > I'm going to have to give my bank account details to all the strangers who want to buy a few apples from me I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account nu…

> I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account numbers are not secret. There's not much people can do with a bank account number apart from send money to it. It's pretty much the same in Ireland, I've no idea what the other commenter thinks can be accomplished with an IBAN.

> I've no idea what the other commenter thinks can be accomplished with an IBAN.

Someone could transfer money to you and write "thanks for the plutonium" into the reference field.

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

#127

Post by koblas »

mig39 wrote: post #123
yohannparis wrote: post #121

Earlier quoted context omitted.

Interac transfer is a nightmare to use. I want to send money or request money from someone? 1. Ask for their info (e-mail or phone number) 2. Login to my banking service (web or app) 3. Create a new contact with 1. 4. If they did not setup auto-deposit: setup a security question 5. Send/Request money (+ security question, if needed) 6. Wait few seconds~minutes for an email/SMS 7. If you did not setup auto-deposit: Cl…

I didn't really see any of those steps as a nightmare :-) But perhaps we have a different level of tolerance. For me, it's convenient.

I deal with a few people who clearly receive regular Interac payments, but still haven't figured out how to associate their email with their bank account. Thus requiring the question.

ps. Don't get me started about figuring out how to send automated payments and if you're lucky enough to find a bank that has a broken API to this.

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

#128

Post by em500 »

CoUHKT57BSe wrote: post #122
messe wrote: post #107

Earlier quoted context omitted.

> I don't know what it's like in Ireland, but literally every business in Austria prints their bank account number on the invoice so you can pay it. Bank account numbers are not secret. There's not much people can do with a bank account number apart from send money to it. It's pretty much the same in Ireland, I've no idea what the other commenter thinks can be accomplished with an IBAN.

I was never talking about what can be accomplished with an IBAN. I was only saying that the idea of a world where everyone is going around buying things in the street with bank transfers is very unlikely as it contradicts the general advice given out about not using bank transfers and giving out bank details to strangers. Seen as you are also Irish you will appreciate this example: https://www.citizensinformation.ie/…

> Under the header 'Protect your money', the first bullet point is never use bank tranfers.

The first bullet point is

"Never send money by bank transfer unless you are absolutely certain you are sending it to someone you know and trust. Sending money by bank transfer is like sending someone cash and generally, once you send it, it’s gone"

which is about paying by bank transfers, and very different from "never hand out your bank account to receive payments", which pretty much every business (that do not want the keep their proceeds off the record) does by default in many (most?) European countries.

Sure, if some stranger on the street asked for my bank account (or my name for that matter) out of the blue, I wouldn't do so. But for Craigslist type in-person sales, people here have no problem giving their bank account to receive payments. The typical fraud is here is asking for payments of to be delivered goods and subsequently not sending the promised goods, which is what I understand your link is also warning about. Because European bank payments are mostly push-type, that are largely irreversible. For direct in-person sales (such as farmers on a market), that's not an issue.

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

#129

Post by dgudkov »

koblas wrote: post #127
mig39 wrote: post #123

Earlier quoted context omitted.

I didn't really see any of those steps as a nightmare :-) But perhaps we have a different level of tolerance. For me, it's convenient.

I deal with a few people who clearly receive regular Interac payments, but still haven't figured out how to associate their email with their bank account. Thus requiring the question. ps. Don't get me started about figuring out how to send automated payments and if you're lucky enough to find a bank that has a broken API to this.

Wise (formerly TransferWise) recently started supporting Interac and also has an API for automated payments. I didn't try the API with Interac though.

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

#130

Post by boruto »

yrgulation wrote: post #54
neel8986 wrote: post #15

Instant payment in India (UPI) has been revolutionary. Last month 6.7 billion transaction took place amounting to $138B!! https://www.npci.org.in/what-we-do/upi/product-statistics Every major company tech company ( Google, meta, amazon, flipkart ) wants to be a part of it. This can be a huge opportunity for European startups

Depending on banks and countries instant payments have been a thing for a long time in “Europe” (assumed to mean EU and satellites). The question here is about taking things to the next level for international payments (these countries are sovereign and have their own policies, the eu wants to ensure uniformity). So this is not comparable to what india does within its own borders.

> Depending on banks and countries instant payments have been a thing for a long time

Like how?

Mandatory implementation of accepting SEPA instant directive to banks was like 2-3 years ago. Afaik there was no instant payment within most of the major economies, case Germany. Banking outside UK in europe is still a pain for business and consumer.

EU commission would want consistency, but nothing was stopping Bundesbank from innovating.

Post reply on HN