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by iudqnolq 1555 days ago
CashApp/Venmo is free from the perspective of the average American if they have a debit card. (They make money off data and credit card fees).
2 comments

Last I looked, they did not seem to be free for commercial use (including cases with just B2C transactions).

I see these as worse, because they suggest to the average consumer American that sending money is free, reducing pressure on a proper low-delay settlement system with sufficiently low fees to allow users to ignore the fees in most instances. Say, 1ct + 0.05%. (That's AFAIK comparable to SEPA's version of electronic checks (i.e., asynchronous pull), and fees for low-latency push shouldn't exceed 0.2%, either. With delayed settlement, even push should allow the very low fees, though.)

Correction: They make money by selling your transaction data to hedge funds and advertisers for profiling and targeting.
As I said, data and credit card fees.