Debit cards use the same PCI DSS backend, which is owned by Visa and Mastercard, both of which were created by banks (I think BofA made Visa)
“ePayment” systems like PayPal, Cashapp, Zelle, etc rely on the same backend, or also publicly owned by several major banks.
Direct bank wire transfers still have a useless transfer fee for literally no reason. I think maybe echecks don’t, but they expose your full bank account numbers (for no good reason), and they’re still controlled by the bank, and they don’t offer it as a solution for rapid payments.
Bitcoin technically solved this problem except the supply system wasn’t designed for stability, so the value is way too volatile. Even though there are better crypto currencies that have solved this problem like XRP, the blockchain hype train crashed so a ton of vendors don’t accept crypto anymore even though they used to (including Steam).
This entire system is nothing but a highly organized and legalized fraudulent scam to ensure banks can rip off vendors and consumers with transaction fees and debt.
The only thing that bypasses this system at the moment is using physical cash, which doesn’t work online.
FedNow is an option within the USA that uses a government-provided system to cheaply transfer money, and a number of banks have signed on. It’s not in use because it’s not as universally available yet.
Welcome to the bank owned oligopoly lol.
Debit cards use the same PCI DSS backend, which is owned by Visa and Mastercard, both of which were created by banks (I think BofA made Visa)
“ePayment” systems like PayPal, Cashapp, Zelle, etc rely on the same backend, or also publicly owned by several major banks.
Direct bank wire transfers still have a useless transfer fee for literally no reason. I think maybe echecks don’t, but they expose your full bank account numbers (for no good reason), and they’re still controlled by the bank, and they don’t offer it as a solution for rapid payments.
Bitcoin technically solved this problem except the supply system wasn’t designed for stability, so the value is way too volatile. Even though there are better crypto currencies that have solved this problem like XRP, the blockchain hype train crashed so a ton of vendors don’t accept crypto anymore even though they used to (including Steam).
This entire system is nothing but a highly organized and legalized fraudulent scam to ensure banks can rip off vendors and consumers with transaction fees and debt.
The only thing that bypasses this system at the moment is using physical cash, which doesn’t work online.
FedNow is an option within the USA that uses a government-provided system to cheaply transfer money, and a number of banks have signed on. It’s not in use because it’s not as universally available yet.