this post was submitted on 24 Jul 2023
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Fed’s new instant payment system could be trouble for PayPal, Venmo (arstechnica.com)
submitted 1 year ago by L4s to c/technology
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Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed's goal is to connect 9,000 financial institutions nationwide.

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[–] [email protected] 15 points 1 year ago (1 children)

I doubt it will hit the credit card industry that much. We have something like this in Canada, Interac, and credit cards are alive and well. They may actually prefer this, because people who keep zero balances may be less inclined to use credit cards instead of debit cards and there may be a larger market of businesses with card-processing capability to cater to those who have debit cards but don't have the credit to obtain credit cards.

[–] [email protected] 5 points 1 year ago

We have something like this in Canada, Interac

Interac is not the same thing at all, the US equivalent is Zelle.

FedNow does instant EFT payments, which is something Canada does not have.