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submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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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[-] abhibeckert@lemmy.world 5 points 1 year ago* (last edited 1 year ago)

In Australia we've had free next business day transfers for as long as I can remember. Decades.

The transition to transfers that clear in seconds was happened gradually as bottlenecks were removed from the infrastructure one by one. Some transactions were instant a couple decades ago, but it's only in the last few years that most transactions are instant here.

These days, Visa/Mastercard are basically the slowest way you can pay someone. It's still the most commonly used option though, since it has the best fraud protection.

this post was submitted on 24 Jul 2023
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