Thread

1. havaloc · 1790442549 · focus · HN ↗

   I get why the banks are not happy, but I can tell them that I am not going to use Chase Wallet, Bank of America Wallet, Citi Wallet...just pay the fee and be thankful for the reduced payment friction, which they invariably make money from. PS: Nobody is going to use Paze (yet another half baked wallet), other than to collect the free $10 to sign up for it.

   Somewhat related, even Walmart relented and now supports Apple Pay/Contactless. Every big merchant has now relented (Kroger, Home Depot, Walmart).

   1. radialstub · 1790448131 · focus · HN ↗

      This is the government's problem. I tend to be on the side of less government, but it is so obvious that payment facilitation should be a service provided by the government. The government is just allowing corporations to collect rents, because they are lazy and incompetent.

      1. AnthonyMouse · 1790455278 · focus · HN ↗

         This is fundamentally looking at it the wrong way.

         Why do we need my bank to send money to your bank via Visa or the Federal Reserve or any such thing, instead of having my bank send money directly to your bank? All they need to do is both support the same openly specified protocol for transferring money.

         1. havaloc · 1790457930 · focus · HN ↗

            Listen to the Visa episode of The Acquired Podcast, and you'll change your mind.

            1. AnthonyMouse · 1790494886 · focus · HN ↗

               If you have an open standard decentralized protocol that banks are required to support, that's the network effect solved. Merchants and anyone making the software that merchants use would want to support it because you're getting rid of Visa's fees.

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