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@lemmy.world to c/technology@lemmy.world
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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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[–] ididntsayanything@lemm.ee 0 points 1 year ago (2 children)

This is wild. Here in the UK we just transfer money from bank to bank in an instant using the banks own app.

[–] preussischblau@lemmy.ca 0 points 1 year ago (1 children)

Same here in Canada, e-transfer with 0 fees is pretty normal.

[–] MaxHardwood@lemmy.ca -1 points 1 year ago

It's been a while since I did it but you can authorize it so all e-transfers are automatically accepted and deposited. I can't think of a scenario where that would be a bad thing.