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Just ask, "Would Kramer be convinced to get into this?"
(lemmy.world)
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this post was submitted on 03 Feb 2026
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Microblog Memes
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Almost every country around the world has a free way of moving money between people without using an app or third party website. It's just a standard part of banking. I haven't looked into it, but I wouldn't be surprised if Paypal has bribed and lobbied to keep that kind of functionality out of the US. So, the US has a shittier, more expensive, less convenient, more privacy-invasive version of what everybody else takes for granted. Just like with medical care, taxes, etc.
I would expect the American credit card companies and banks lobby just as hard if not harder to prevent that from being a free service in the US. Electronic Funds Transfers are an option at every bank in the US, but they’re not very easy for individuals and seem to always charge a fee to either the sender or receiver.
Yes, just like how tax preparation companies lobby to keep the IRS from just telling people what they owe in taxes. It keeps the tax prep companies in business.
To be fair, moving money between countries was not trivial before PayPal.
To use Europe as an example, SEPA became operative in 2008, about six years after PayPal first became available in Europe. Before that, all international money transfers had to go through SWIFT and the easiest way was probably to use a credit card (and good luck trying to send money to a someone who isn't a company with that).
Even with SEPA (or for domestic transfers), PayPal offered superior comfort over entering the recipient's IBAN into a homebanking software. Processing was faster, too.
Of course these days banks in Europe have to offer instant transfers, there's a QR code standard to read invoice data into banking apps, and they're working on a full-blown PayPal replacement to get the last comfort bits down as well. It'll be interesting to see how that works out.
I mean, revolut is still a thing despite instant transfers, because being able to just send money to a phone number from your contact list is still hella more convenient than sharing QR codes or IBANs.