Speaking on The Pat Kenny Show, Lagarde underscored Europe’s dependence on foreign digital payment infrastructure. “Visa, MasterCard, PayPal and Alipay are all controlled by American or Chinese companies,” she noted, arguing, “We should make sure there is a European offer.”
  • bus_factor@lemmy.worldEnglish
    7·
    2 days ago

    I get the phone based system. People remember their phone number and email address, they do not remember their bank account details. It’s a lot easier to initiate the transfer in the moment if it’s based on something the recipient can just tell you. QR codes are an acceptable workaround for a small vendor, but not really ideal for paying back the friend who paid for lunch.

    Pretty much every country has something like that ready or in the works. Venmo is huge in the US, Vipps (which uses the aforementioned BankAxept in the backend) is emerging as the de-facto standard for small transfers in Norway.

    It was a bigger deal in the US than elsewhere due to how hard it is to do bank transfers there, but the rest of the world is also very keen on the concept.

    • Don_alForno@feddit.orgEnglish
      2·
      2 days ago

      It was a bigger deal in the US than elsewhere due to how hard it is to do bank transfers there,

      Is it? Now I’m curious. Care to elaborate?

      • bus_factor@lemmy.worldEnglish
        6·
        1 day ago

        Except for apps like PayPal, Venmo, Zelle and Google Wallet, all of which allow you to transfer money to an email address or phone number, there is no convenient electronic way to transfer money from individual to individual in the US. The only other real alternative is handing over cash or writing a check. You can technically do a wire transfer, but those are really designed for stuff like buying a house or something, and usually either cost money, take days to settle, or usually both.

        I can’t speak for every other country, but in Norway we’ve at least for a couple of decades taken for granted the ability to just initiate a transfer of money to someone else’s bank account. You just enter the number and amount in your Internet Bank, and it gets transferred free of charge either overnight or instantly. It’s how we’ve done everything my whole adult life.

        In the US, the prevalent way to pay rent is still to either write out a physical check or enter the numbers from a check into some web interface which is then somehow able to suck money out of your account. Sometimes a bank will offer to mail the check on your behalf, but it’s still very much a check.