European payments groups join forces to challenge US dominance
Thread
Unofficial Hacker News client; not affiliated with Y Combinator.
European payments groups join forces to challenge US dominance
Unofficial Hacker News client; not affiliated with Y Combinator.
carlosjobim · · focus · HN ↗
rswail · · focus · HN ↗
In Australia the system is the NPP, and the public face is Osko/PayID, so you can use an email or mobile identifier to instantly transfer money between people's accounts. Australia is rolling out PayTo, which is a B2C form of direct debit, which is revocable by the customer but allows for subscriptions and other payments.
The next step will be offering a bank account with PayID/PayTo, a contactless form of payment stored in a Google/Apple/Samsung Wallet, and a line of credit.
Which is all that a credit card is.
This announcement is about similar national systems evolving into cross-European payments. So an instant payment from a French bank account to a Spanish bank account via contactless payment terminal without using the Visa/MC "rails". In Thailand it's promptpay
carlosjobim · · focus · HN ↗
Agreed. That seems to be a tangible benefit, but only for cross-border transactions between individuals and not for purchases. Since purchases are already instantly settled for the user. And domestic individual to individual transactions are already easy with the current systems.
And from the article it seems that some non-Euro currencies will also be offered in this new system. Which is a tangible user benefit.
Otherwise, in the past ~10 years I haven't had any problem with cross border EUR transfers using SEPA or even non-EUR transfers using services like Wise. And if it's an individual to individual transfer then instant settlement isn't as necessary as when it's a purchase.
> Which is all that a credit card is.
Credit and debit cards also offer fraud protection and many times cashback as well. Especially on cross-border transactions (ie online shopping), the fraud protection is essential. I have never used a credit card in my life, but a Visa/Mastercard debit card is one of the most practical things the modern world offers.