An update on the Federal Reserve’s Instant Payments Service
clevelandfed.org
An update on the Federal Reserve’s Instant Payments Service
1–10 of 95 posts
Re: An update on the Federal Reserve’s Instant Payments Service
#2Will this replace ACH transfers?
Re: An update on the Federal Reserve’s Instant Payments Service
#3This would be great if it can cut down payment processor fees which are mainly driven by the rates that Visa and MasterCard charge, essentially as a duopoly power in the market. They also control what you can and can't buy, such as for example heavily frowning upon adult content, even if you are legally an adult.
Re: An update on the Federal Reserve’s Instant Payments Service
#4Time to go bigger on metals and crypto
Re: An update on the Federal Reserve’s Instant Payments Service
#5Will this replace ACH transfers?
hopefully! for now it will be up to financial institutions to implement the service and pass on the savings.
Re: An update on the Federal Reserve’s Instant Payments Service
#6This would be great if it can cut down payment processor fees which are mainly driven by the rates that Visa and MasterCard charge, essentially as a duopoly power in the market. They also control what you can and can't buy, such as for example heavily frowning upon adult content, even if you are legally an adult.
We already have debit card and the related networks (like Star) that are cheaper. People are just used to Visa, and like the rewards.
Re: An update on the Federal Reserve’s Instant Payments Service
#7This would be great if it can cut down payment processor fees which are mainly driven by the rates that Visa and MasterCard charge, essentially as a duopoly power in the market. They also control what you can and can't buy, such as for example heavily frowning upon adult content, even if you are legally an adult.
I've seen small towns adopt cash only payments to curtail this. Why should the tax pay effectively a 2%+ tax on the economic activity of the town. Imagine a bunch of people living there, transacting with each other, 2% tax for every movement?
Re: An update on the Federal Reserve’s Instant Payments Service
#8Time to go bigger on metals and crypto
Why?
Re: An update on the Federal Reserve’s Instant Payments Service
#9This would be great if it can cut down payment processor fees which are mainly driven by the rates that Visa and MasterCard charge, essentially as a duopoly power in the market. They also control what you can and can't buy, such as for example heavily frowning upon adult content, even if you are legally an adult.
We already have debit card and the related networks (like Star) that are cheaper. People are just used to Visa, and like the rewards.
That seems surprising to me as Canada's equivalent system (Interac) is very popular.