Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.

  • Muddybulldog@mylemmy.win
    link
    fedilink
    English
    arrow-up
    42
    ·
    1 year ago

    While I’ve used PayPal for, holy shit, decades… my recent need to move cash around with my Gen Z children caused me to venture into Venmo and CashApp. While I’m skeptical of the proper execution of anything new the federal government introduces, I can’t imagine they could create a WORSE experience than these new-age, middle-man processors. I’ve had to call my bank more times in the last two weeks to unlock fraud alerts than I have in the past twenty years. Then, after doing that, the damned processors themselves start declining $5 transactions for no apparent reason. I’d sooner poke myself in the eye than try to make a payment.