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Australia’s new real-time banking payments platform

itnews.com.au

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Re: Australia’s new real-time banking payments platform

#51

Post by theBobBob »

kevin_thibedeau wrote: post #46
theBobBob wrote: post #30

Earlier quoted context omitted.

I do it all the time. Split a bill in a restaurant, repay someone for tickets that they bought for me, getting my flatmates to pay their share of the electric bill, paying a flatmate back for stuff that they picked up in the shops for me, loan someone money, get a loan to someone repaid, settling up after losing some money at poker. That's all within the last few weeks.

Too much of that and it becomes taxable "income" in less advanced Democracies.

Really? Most of them were just various ways of splitting or repaying bills. The loan I will admit might be in a somewhat legally grey area.

Re: Australia’s new real-time banking payments platform

#52

Post by incompatible »

qzervaas wrote: post #10

The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING). When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name. So in effect, they’ve just implemented a nationwide number-to-name lookup system. Separate to this, these two banks are pushing it hard. It feels like a land grab, since a single…

Showing the name is interesting. So now if you have a random email address or phone number and you don't know who it belongs to, you may be able to get a name from this system.

Re: Australia’s new real-time banking payments platform

#53

Post by tethys »

baxtr wrote: post #13

Instant payments, aka “instant SEPA” will be available soon also in the EU https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

UniCredit introduced instant payments in Germany and Italy in November 2017, other large banks in Germany are due to follow this summer.

https://www.unicreditgroup.eu/en/press-media/press-releases/...

Re: Australia’s new real-time banking payments platform

#55

Post by munchor »

therealmarv wrote: post #42

Meanwhile in the EU: Wait more than 48 hours between countries and in the same country wait up to 24 hours. And let's not think about weekends in between ;)

Not in Portugal where people use MB Way for instant (~1 second) transfers. It's been around for a while and it relies on phone numbers too.

Re: Australia’s new real-time banking payments platform

#56

Post by Spare_account »

xioxox wrote: post #50
therealmarv wrote: post #42

Meanwhile in the EU: Wait more than 48 hours between countries and in the same country wait up to 24 hours. And let's not think about weekends in between ;)

Except in the UK, when it's normally transferred within a few seconds, or a maximum of two hours ("Faster Payments").

The Faster Payment system always tells me that I may have to wait two hours, and then it is instant.

Have you ever had one take longer than zero time?

Re: Australia’s new real-time banking payments platform

#57

Post by theBobBob »

baxtr wrote: post #13

Instant payments, aka “instant SEPA” will be available soon also in the EU https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

I couldn't find details on it, but will this system allow for transfers based on phone number or email or will it still be based on IBAN?

Re: Australia’s new real-time banking payments platform

#58

Post by rimliu »

sandos wrote: post #12

This sounds like the swedish product "swish" which is immensely popular. Nobody does bank transfers between people, everybody transfers to your mobile number. So far I think there are no fees for personal use, either, although they said it would come later a few years ago. Transfers are of course instant and you can see the recipients name before you send the money, which is a great pro compared to a bank transfer to…

There are similar products in other markets. E.g. in Denmark (and Finland) there is MobilePay, which is also very popular. Source: worked developing it for a couple of years. It get's to the point when even panhandlers don't hold a cup but a sign with their mobile numbers, so you can transfer money via the app.

Re: Australia’s new real-time banking payments platform

#59

Post by papyrus23 »

kevin_thibedeau wrote: post #46
theBobBob wrote: post #30

Earlier quoted context omitted.

I do it all the time. Split a bill in a restaurant, repay someone for tickets that they bought for me, getting my flatmates to pay their share of the electric bill, paying a flatmate back for stuff that they picked up in the shops for me, loan someone money, get a loan to someone repaid, settling up after losing some money at poker. That's all within the last few weeks.

Too much of that and it becomes taxable "income" in less advanced Democracies.

Where on earth do you people live that receiving money for bills is "taxable income"?

Re: Australia’s new real-time banking payments platform

#60

Post by Gogogogirl »

alkonaut wrote: post #41
wowca wrote: post #23

Earlier quoted context omitted.

Do people really transfer that much money between them on a regular basis? Everyone was touting this as the selling point for some of the crypto currencies, but I've always thought this is a non-issue. It's anecdotal but I can count on the fingers of one hand the number of times I needed to transfer money to a person and not to a company.

ALL the time. It's the replacement for cash. Looking at the past 6 months in my history: Split numerous restaurant bills. Paid someone who bought me a concert ticket. Bought some crap in a flea market. Bought a set of used wheels for my car. Bought a hotdog at the son's hockey game cafeteria. Bet the office sports tournament pool. Bought food in a hospital ward. Bought soda in a vending machine. Of these many happene…

Just asking, because I'm interested. Do you use it to pay Amazon? Your phone bill? You power provider? These are the areas I (Germany) currently use SEPA direct debit and would know how SEPA payments is used/replaced in other countries.
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