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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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[–] Whirlybird@aussie.zone 10 points 1 year ago* (last edited 1 year ago)

Thank you for this, because as an Australian I was quite confused. We have had "instant" payment systems for as long as I can remember between banks. The US banking and payment system seems stuck in the dark ages.

This didn't kill things like PayPal though, they're completely different services.