Maybe make the bank Apps a little more intuitive to use and make it easier to send recurring payments to your friends and the monopoly of paypal in germany could disappear
Yeah. It’s really a UI issue at this point. Just a simple frontend to facilitate SEPA transactions to contacts (which could just be a simple Name -> IBAN map stored locally)
I could imagine something like an IBAN protocol - open an IBAN link as in iban://AB26374838388 directly with your banking app and auto fill the bank transfer menu. Only add the amount of money you want to transfer.
No idea what other implications that would have e.g. for security though
There’s a standard that does this in form of a QR code: https://en.wikipedia.org/wiki/EPC_QR_code
True, my bank also supports this. I already saw QR-Codes on some invoices but never used it… will try it out next time.
How is Australia ahead of Europe! We have Osko which allows instant transfer(seconds) upto $10,000 per day. It’s fantastic.
It’s not that it doesn’t exist, but it’s an extra paid option.
On my main bank I don’t have to pay extra for it, but it doesn’t always work
We’re talking about payments across different countries. Inside each country payments have been instant for a while
Not in Germany, at least not when using different banks.
Most banks have an instant payment option that comes with a fee.
In 2020 only 62,4% of the banks in the EU supported it.
Which is a fucking insult. The moment i pay anything with a debit card the payment is already noted in my account, just the formal transfer of the money hasn’t happened yet. But both banks already know the transaction and they know that they will do the transaction, everything is there already. But they just didn’t do the switch.
It is like you would go to an airport, have your luggaged checked in, go through the security, board the plane and everything is ready. Also the starting lane is empty. But the flight will wait until the next day, because thats how it has been done since the days of olde.
It’s also such a dumb idea to cut this feature. People will just substitute bank payments for PayPal.
That’s not true for every bank. My bank supports instant payments (for free) regardless of the receiving bank.
The technical capability for instant SEPA transfers already exists (and has existed for a while), this is about making it free for everyone (some banks charge an extra fee for instant transfers).
Yeah, my last bank charged around 15ct per instant transfer. I was unpleasantly surprised when I found out that my current bank takes 2 Euros…
And many do not offer it at all
I do not understand how I can transfere money instantly theogu an app but the bank needs a few days to do so (unless I pay a fee for instant transfere). I can’t imagine it costing the more to transfere my money now than have it done during the night
It doesn’t. But at the same time the app you use doesn’t transfer money at all. It just shoves ious around.
