[lvl100]

Paypal is a classic rent seeker. Nearly two years into pandemic, they still refuse to hire people for live customer service. Despite record profit.

If anyone is looking for a startup idea: an online payment platform that charges on outbound bank transfers only. Heck charge 5% fee. And let all transactions be completely free.

[toomuchtodo]

Are you aware that the US Federal Reserve is deploying instant payments infrastructure in 2023? I believe the cost will be free to consumers, and pennies per transaction to businesses.

I'd expect online payments will integrate with banking providers to support initiating instant payments from deposit accounts, similar to Europe's IBAN instant payment system.

https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...

https://www.federalreserve.gov/paymentsystems/fednow_about.h...

https://news.ycombinator.com/item?id=28393576 (a comment I previously wrote on this topic)

[lvl100]

I am aware of the Fed solution. I can tell you it’s DOA and by design.

[toomuchtodo]

Would love to hear more, as I know a stakeholder involved in beta testing and that's not the ground truth I'm hearing (working as expected, deployment ahead of schedule). Don't violate any NDAs of course.

[schopenhauer1]

Australia has one and it works very nicely.

[razakel]

That exists - wise.com.

[lvl100]

I don’t think so.