21–30 of 179 posts
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When you pay a merchant $100 with your card they get about $97. When this $100 has exchanged hands 50 times only $15 remains. The bank owns the other $85. Cash is a hassle but it cuts out the middlemen. We need a unified payment system in western countries, but it's almost impossible given how much of a chokehold big banks have over our economy. Capitalism at its finest.
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How is it different from any digital payment? Many European countries and the US has been doing digital transactions for like 2 decades now. How was it not authoritarian then but suddenly when the Asian people do it, it's a way to track everything people does and not the simplest explanation which is it makes transactions easier?
I'm hoping FedNow in the US completely wipes crypto and the world will follow on from what India and Brazil has done. Bravo!
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UPI should absolutely introduce a facility to chargeback a transaction, which is why I always prefer to use my credit card, if possible.
When you pay a merchant $100 with your card they get about $97. When this $100 has exchanged hands 50 times only $15 remains. The bank owns the other $85. Cash is a hassle but it cuts out the middlemen. We need a unified payment system in western countries, but it's almost impossible given how much of a chokehold big banks have over our economy. Capitalism at its finest.
You make it sound like the other $85 that the bank got sits in a vault somewhere, extracted from the economy and hoarded in a stockpile. Actually the banks have their own costs (e.g. salaries) and much of the money is further invested. In fact, the natural state is to keep so little cash on hand that Dodd-Frank forced the banks to hoard more than they otherwise were inclined to. Yes I've oversimplifying a lot of diff…
I am simplifying things but if we had a public owned payments system that wasn't a profit centre the costs would be far less.
Even within the developed world the costs are very different between Europe and the US. Your fees are paying for someone's hefty bonus and lobbying expenses.
Again, it has been proven. UPI works.
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How is it different from any digital payment? Many European countries and the US has been doing digital transactions for like 2 decades now. How was it not authoritarian then but suddenly when the Asian people do it, it's a way to track everything people does and not the simplest explanation which is it makes transactions easier?
Many German people are still deeply distrusting of digital money transactions (keep in mind that there were two dictatorial regimes on German soil in the 20th century, of which one only ceased to exist little more than 30 years ago).
> How was it not authoritarian then but suddenly when the Asian people do it, it's a way to track everything people does
These people typically rather think that Asians should not make the same mistake (ignoring dangerous surveillance aspects).
When you pay a merchant $100 with your card they get about $97. When this $100 has exchanged hands 50 times only $15 remains. The bank owns the other $85. Cash is a hassle but it cuts out the middlemen. We need a unified payment system in western countries, but it's almost impossible given how much of a chokehold big banks have over our economy. Capitalism at its finest.
Only in America are fees that high :)
When you pay a merchant $100 with your card they get about $97. When this $100 has exchanged hands 50 times only $15 remains. The bank owns the other $85. Cash is a hassle but it cuts out the middlemen. We need a unified payment system in western countries, but it's almost impossible given how much of a chokehold big banks have over our economy. Capitalism at its finest.
You make it sound like the other $85 that the bank got sits in a vault somewhere, extracted from the economy and hoarded in a stockpile. Actually the banks have their own costs (e.g. salaries) and much of the money is further invested. In fact, the natural state is to keep so little cash on hand that Dodd-Frank forced the banks to hoard more than they otherwise were inclined to. Yes I've oversimplifying a lot of diff…
As a note, this is slightly incorrect: > The Indian model is inspiring others. Brazil’s Pix, which facilitates bank-to-bank payments with a small fee, was launched in November 2020. It now accounts for some 30% of Brazil’s electronic payments (credit and debit cards take up around 20% each) In fact, Pix is free, which is the main reason why the Brazilian population adopted it so widely and so quickly. Before Pix, you…