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Venmo can now instantly transfer money to your debit card for 25 cents

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Re: Venmo can now instantly transfer money to your debit card for 25 cents

#71

Post by BrandoElFollito »

martin_bech wrote: post #56
mapgrep wrote: post #35

Oh wow great, I can pay 25 cents to banks and a startup to do something that was free and instant with cash and free and only mildly less instant with paper checks. Venmo, PayPal et al are great examples of how the big barriers to convenience in our society are often fundamentally social and political, not technical. The technology to enable two people with smartphones to exchange money is trivial. Even the authentic…

Here in Denmark you can transfer any amount under about 20.000 USD instantly to other people with your banking app (amounts over 20.000 USD requires a call to the bank, at least for me, the one time i tried). We also have the mobilepay app wich makes payment, and peer to peer transfers effortless all for free. Checks ars so outdated here, that they where outlawed last year.

I live in France, the Country Of The Cheque.

This is old - fashioned by all accounts, but in order to get rid of it, you need to have a good infrastructure to fill the void. Make no mistake, this is very much doable but requires planning.

I use a chèque to pay something at my children's school or other not so well connected places. Removing chèques (which I would be delighted of) means that they need specific accounts in banks (tagged with a project, a school trip,...), something which is not readily available today.

Re: Venmo can now instantly transfer money to your debit card for 25 cents

#72

Post by giancarlostoro »

chatmasta wrote: post #23
giancarlostoro wrote: post #15

Earlier quoted context omitted.

Zelle is usable out of the box with Chase and Bank of America in the respective banks apps (and I'm guessing other participating banks) it's kind of a paypal for banks that just works.

That may be true, but it doesn’t mean customers are going to use it. The fact that millions of 20-30 year olds in the USA tell each other “Venmo me” is quite a bit of inertia to overcome. Then again, perhaps Zelle will capture the non 20-30 demographic, which is presumably quite large. Most 20-30 year olds have both their banking app(s) and Venmo installed, whereas many in the 30+ demographic have only their banking…

When we found out about Zelle (which our banks advertise) we switched to it immediately (me and my fiancée) it involved no effort on our part, just maybe telling them what our email was so other people can send us money by email. The rest was handled by our banks. If venmo can be that frictionless then I can see them taking over, but I wont bother installing venmo or giving it a shot now. I'm more likely to paypal someone funds if they don't have Zelle or Google Wallet.

I guess I fall somewhere in the 20-30 market though.

Re: Venmo can now instantly transfer money to your debit card for 25 cents

#73

Post by pwnage »

Terretta wrote: post #65

In 10 hours since post, no mention of Apple Pay Cash’s relatively frictionless integration in Messages (iMessage), so adding a link: https://support.apple.com/en-us/HT207886 There’s no fee to use Apple Pay Cash with a debit card, and it’s as fast as any other text message.

Still takes 2 days to cash out to bank account though right?

Re: Venmo can now instantly transfer money to your debit card for 25 cents

#74

Post by martin_bech »

BrandoElFollito wrote: post #71
martin_bech wrote: post #56

Earlier quoted context omitted.

Here in Denmark you can transfer any amount under about 20.000 USD instantly to other people with your banking app (amounts over 20.000 USD requires a call to the bank, at least for me, the one time i tried). We also have the mobilepay app wich makes payment, and peer to peer transfers effortless all for free. Checks ars so outdated here, that they where outlawed last year.

I live in France, the Country Of The Cheque. This is old - fashioned by all accounts, but in order to get rid of it, you need to have a good infrastructure to fill the void. Make no mistake, this is very much doable but requires planning. I use a chèque to pay something at my children's school or other not so well connected places. Removing chèques (which I would be delighted of) means that they need specific account…

You can tag direct account payments with notes. So paying a bill or a school, you attach a note such as “payment for Pierres school trip” or “regarding invoice #1234”. Works pretty damn good here in Denmark.

Re: Venmo can now instantly transfer money to your debit card for 25 cents

#75

Post by BrandoElFollito »

martin_bech wrote: post #74
BrandoElFollito wrote: post #71

Earlier quoted context omitted.

I live in France, the Country Of The Cheque. This is old - fashioned by all accounts, but in order to get rid of it, you need to have a good infrastructure to fill the void. Make no mistake, this is very much doable but requires planning. I use a chèque to pay something at my children's school or other not so well connected places. Removing chèques (which I would be delighted of) means that they need specific account…

You can tag direct account payments with notes. So paying a bill or a school, you attach a note such as “payment for Pierres school trip” or “regarding invoice #1234”. Works pretty damn good here in Denmark.

True.

I am probably trying to be too careful, it is just our tradition of chèques (which, again, I would like to see vanishing) which I now will be hard to get rid of.

We probably have the lowest online banking adoption in the world, people are attached to brick and mortar institutions which bring them nothing (I am fully online and when I ask some friends why they do not switch they do not have any rational reasons, except that they are in the same bank for 15 generations and like to pay the 10₠/month fee)

Re: Venmo can now instantly transfer money to your debit card for 25 cents

#76

Post by martin_bech »

BrandoElFollito wrote: post #75
martin_bech wrote: post #74

Earlier quoted context omitted.

You can tag direct account payments with notes. So paying a bill or a school, you attach a note such as “payment for Pierres school trip” or “regarding invoice #1234”. Works pretty damn good here in Denmark.

True. I am probably trying to be too careful, it is just our tradition of chèques (which, again, I would like to see vanishing) which I now will be hard to get rid of. We probably have the lowest online banking adoption in the world, people are attached to brick and mortar institutions which bring them nothing (I am fully online and when I ask some friends why they do not switch they do not have any rational reasons,…

I will acknowledge, that this has also resulted in a large decline in brick and mortar bank branches. Some smaller cities, no longer have any bank, which can be/is a problem for some.
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