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[+] 0 points 2 years ago* (last edited 2 years ago) (1 child)
  • [–] 10 points 2 years ago (1 child)

    Yep, I scan a QR code that they give me and my bank, any bank in my country, will transfer the requested amount to the restaurant in one click on my phone. With two additional clicks I can send a QR code made by my bank to my friend who can transfer his part to me. Both transfers happen within a second.

    On the way home, I pay for public transport by bank transfer by holding my card to the reader when getting on the bus, then off the bus. It's simple and secure.

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  • [+] 2 points 2 years ago* (last edited 2 years ago) (2 children)
  • [–] 4 points 2 years ago (2 children)

    It's called Zelle. We have it, it just isn't as ubiquitous.

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  • [+] 0 points 2 years ago* (last edited 2 years ago) (1 child)
  • [–] 1 point 2 years ago (1 child)

    They charge the vendor/bank for the service.

    And sell your purchase history. (Exactly, it must be said, the same way Visa et al make money.)

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  • [+] 2 points 2 years ago* (last edited 2 years ago) (1 child)
  • [–] 1 point 2 years ago*

    Zelle charges the banks 50 to 75 cents per transaction. It's free for the end user, though that 50 to 75 cents is passed on to the end user anyhow. (probably by offering slightly lower interest rates, or whatever.)

    Additionally, Zelle is getting in on data brokerage; like Visa.

    That said, it should be noted that that fee isn't so much to make money as it was to maintain the service. Zelle's purpose was to break Venmo and Cash App. (which is why it's integrated into your banking apps.)

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