>Payment by credit card is instant
Hardly. Chargebacks on credit cards can occur up to 3 months after payment. Good for customers who need that dispute feature but bad for others because those costs are socialized onto merchants and other consumers.
Hardly. Chargebacks on credit cards can occur up to 3 months after payment. Good for customers who need that dispute feature but bad for others because those costs are socialized onto merchants and other consumers.
If that was the case a merchant could withdraw cash immediately after someone paid them with a credit card. Which patently isn't the case. So no, Payment cards are not instant.
Let's say that merchant accepts payment via Visa on Day 1. On Day 2, Visa goes out of business. The merchant will never receive the payment. So no the payment is not instantaneous. The merchant receives an IOU from Visa that settles in a few days. IOUs != settled payments.
This article has a good explanation of that concern, among others: https://hackernoon.com/ten-years-in-nobody-has-come-up-with-...