Online card payments still suck • Hacker News Board

Re: Online card payments still suck

#71

Post by zinekeller » Tue, Oct 25, 2022, 1:32 PM UTC

rwmj wrote: post #52

Brajeshwar wrote: post #25

We Indians take it for granted, but UPI[1] is a brilliant system. We make payments for something as small as ₹1 if needed. Transaction of ₹10[2] for a cup of tea is a very regular and ordinary happening. 1. https://en.wikipedia.org/wiki/Unified_Payments_Interface 2. ₹10 is roughly $0.12 (as of today).

Tricky to buy a cup of tea online though. Is this like WeChat, one of the ubiquitous person-to-person payment systems used in China?

Not Indian, but unlike WeChat (and AliPay), UPI is a government-sponsored interconnect so every bank can implement it. I'm not sure of the privacy implications though.

Re: Online card payments still suck

#72

Post by zinekeller » Tue, Oct 25, 2022, 1:34 PM UTC

culturestate wrote: post #48

yurishimo wrote: post #30

Earlier quoted context omitted.

I've recently moved to NL from the USA; iDeal is great! I won't go into the excruciating slog of work that was required to open a Dutch bank account as a US Citizen, but now that I have an account, it's awesome! Account transfers are much faster as well, which is true for most (all?) SEPA countries. I know the US is actively working on a faster/cheaper transfer system but realistically that is still 5+ years away for…

> I won't go into the excruciating slog of work that was required to open a Dutch bank account as a US Citizen I keep hearing about these horror stories but I've only actually experienced it once, years ago in mainland China. I (also a US citizen) moved back to Europe this summer and opened accounts in both DE and NL; I only had to provide my passport, SSN, and proof of address and I was good to go. Am I just pretern…

> Am I just preternaturally lucky, or what?

Did you chose a bank that has an international footprint (and would be forced to comply to FATCA sooner or later)? I'm not shocked about it. It is indeed true if you want to use a more local bank though. I heard that most neobanks in Asia (which tend to have higher interest rates) forbid US persons (as defined in FATCA) because they're focused on locals and don't want the overhead of FATCA compliance.

Re: Online card payments still suck

#73

Post by WirelessGigabit » Tue, Oct 25, 2022, 1:40 PM UTC

mcv wrote: post #11

I'm still disappointed every time I try to order something at a webshop and they don't support iDeal[0]. That's how online payment should work. Of course it's only a Dutch system, so it's not going to be supported by all international webshops (although Steam does), but if anyone has the scope to introduce a more secure form of online payment, surely it's Visa and MasterCard? Why don't they introduce an iDeal-like pa…

No. iDeal sucks. No insurance. Go read on some Dutch websites where they discuss online purchase issues. First question they ask: paid with credit card? Open dispute. Paid with iDeal: much harder as they have your money. If they’re not associated with some kind of governing body your only recourse is a lawyer.

I’ll pay the credit card transaction fees. Peace of mind.

Re: Online card payments still suck

#74

Post by djschnei » Tue, Oct 25, 2022, 1:43 PM UTC

If only there was an instantaneous, nearly free (cost per transaction), opensource, anyone-can-access, infinitely scalable, infinitely interoperable, payment rail that we could start building solutions on top of...

Re: Online card payments still suck

#75

Post by rwmj » Tue, Oct 25, 2022, 1:56 PM UTC

hocuspocus wrote: post #66

rwmj wrote: post #63

Earlier quoted context omitted.

For most, but not anyone like us who has no mobile reception.

You don't need mobile reception with modern SCA. Presumably if you're initiating an online purchase, you have access to WiFi?

Depends on the bank ("acquirer"?) involved but some definitely need mobile. Paypal is one, so is my pension company.

Re: Online card payments still suck

#76

Post by [deleted] » Tue, Oct 25, 2022, 2:00 PM UTC

wink wrote: post #67

nottorp wrote: post #40

Earlier quoted context omitted.

You may want to mention that no small store accepts visa/mc in NL :) Apparently because the commission is sky high. In other parts of the EU that's been regulated and I can buy as low as two apples with a credit card. If you're a tourist in NL, bring cash.

Did this change recently? I had no problem paying with my German Maestro/EC for everything a couple of years ago. (Just like in most European countries, really)

[deleted]

Re: Online card payments still suck

#77

Post by smeeth » Tue, Oct 25, 2022, 2:01 PM UTC

Brajeshwar wrote: post #25

We Indians take it for granted, but UPI[1] is a brilliant system. We make payments for something as small as ₹1 if needed. Transaction of ₹10[2] for a cup of tea is a very regular and ordinary happening. 1. https://en.wikipedia.org/wiki/Unified_Payments_Interface 2. ₹10 is roughly $0.12 (as of today).

UPI has apparently inspired a similar system in the US called FedNow [0] which will launch in 2023.

[0] https://www.frbservices.org/financial-services/fednow/about....

Re: Online card payments still suck

#78

Post by tombert » Tue, Oct 25, 2022, 2:09 PM UTC

djschnei wrote: post #74

If only there was an instantaneous, nearly free (cost per transaction), opensource, anyone-can-access, infinitely scalable, infinitely interoperable, payment rail that we could start building solutions on top of...

If you're referring to cryptocurrency, isn't the average cost-per-transaction for something like Ethereum on the order of $40-$50?

Re: Online card payments still suck

#79

Post by edmcnulty101 » Tue, Oct 25, 2022, 2:14 PM UTC

djschnei wrote: post #74

If only there was an instantaneous, nearly free (cost per transaction), opensource, anyone-can-access, infinitely scalable, infinitely interoperable, payment rail that we could start building solutions on top of...

what's the cost of lightning Network these days??

I like where your head's at but the fact that it's possible to do an overthrow of the system if you have 51% of the miners worries me.

Re: Online card payments still suck

#80

Post by culturestate » Tue, Oct 25, 2022, 2:18 PM UTC

zinekeller wrote: post #72

culturestate wrote: post #48

Earlier quoted context omitted.

> I won't go into the excruciating slog of work that was required to open a Dutch bank account as a US Citizen I keep hearing about these horror stories but I've only actually experienced it once, years ago in mainland China. I (also a US citizen) moved back to Europe this summer and opened accounts in both DE and NL; I only had to provide my passport, SSN, and proof of address and I was good to go. Am I just pretern…

> Am I just preternaturally lucky, or what? Did you chose a bank that has an international footprint (and would be forced to comply to FATCA sooner or later)? I'm not shocked about it. It is indeed true if you want to use a more local bank though. I heard that most neobanks in Asia (which tend to have higher interest rates) forbid US persons (as defined in FATCA) because they're focused on locals and don't want the o…

> Did you chose a bank that has an international footprint (and would be forced to comply to FATCA sooner or later)?

Yes and no. Neobanks weren't a thing when I was getting settled in Asia (I think Simple launched in the US ~two years after I landed), but I use Bunq - which, as far as I know, has no US operations - in NL and my local Sparkasse in DE.