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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[–] ChaoticEntropy@feddit.uk 4 points 1 year ago

Most of this doesn't address my specific question, but this sounds a lot more like you expect a diversification/fragmentation of the credit card industry rather than the "end" that was posed originally. Regardless of transactional fees, credit cards would continue to provide their basic function of providing access to credit and people would still desire it.