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 2 years ago by [email protected] to c/[email protected]
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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] 7 points 2 years ago (1 children)

Same in Poland. That, and Blik system which let's you send money to a phone number (if it's also registered with Blik) and it's actually instant. Not "next transfer window" like Elixir transfers, instant.

And yes, completely free.

[–] [email protected] 6 points 2 years ago

The US has this, it's called Zelle, every bank seems to have it, and it's instantaneous. For some reason it's just not popular, probably because Paypal and others are already entrenched.