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Switzerland moves towards cashless future with instant payments
(www.france24.com)
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this post was submitted on 22 Aug 2024
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Futurology
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wow, so futuristic! but which part of i put cash from my hand int yours is not instant enough?
idk about you but i don’t carry around $10,000 cash… i do however carry around my phone, which (assuming someone has that) has access to transfer that, and more
man if only some kind of "technology" existed to securely hand over big amounts of money, like maybe the cash could be "stored" somewhere, like in a "database" of some sorts, and we could then use some kind of "unique identifiers" and make like "transfers" in cases where the needed cash amount is so big that carrying it around makes us feel uncomfortable 🤔
The problem with traditional bank transfers, at least in Switzerland, is that they are very much not instant and take up to 2 buisness days for non-buisnesses in switzerland. Therefore instant payements look like a nice alternative to our alternative to venmo here
you’re absolutely correct… we’ve had this in australia for years and it changes the game tbh
it was added with a system that integrates account details with phone numbers, email addresses, abns (australian business number), so you can pay to all these identifiers without bank details from any bank to any bank, and it’s instant
the massive benefit of it being bank to bank rather than some shit 3rd party app is you’re much more protected against fraud, and there’s lots of insurance going on that you’re not aware of until something goes wrong
got a point there, the twint TOS are straight up criminal, if this new system kills twint im in support of it.