Plenty of banks are competing with Venmo and Cashapp. They use Zelle[1], it's zero-fee and included in most bank apps already.
But it's not intended for business payments like Stripe or PayPal, or Venmo for business.
But it's not intended for business payments like Stripe or PayPal, or Venmo for business.
> Let’s say you lost your debit card or PIN or either was stolen. If you notify your bank or credit union within two business days of discovering the loss or theft of the card, the bank or credit union can’t hold you responsible for more than the amount of any unauthorized transactions or $50, whichever is less.
> If an unauthorized transaction appears on your statement, but you did not lose your card, security code, or PIN or had any of them stolen, you should still notify your bank or credit union right away. At the latest, you must notify your bank within 60 days after your bank or credit union sends your statement showing the unauthorized transaction. If you wait longer, you could have to pay the full amount of any transactions that occurred after the 60-day period and before you notify your bank. In order to hold you responsible for those transactions, your bank would have to show that if you notified them before the end of the 60-day period, the transactions would not have occurred.
Roughly speaking, you can only be held accountable for withdrawals, transactions, and transfers from your account that you actually authorized. Any other cash transaction is fraud, and will result in you getting your money back. This is why banks are careful not to allow transactions that they suspect to be fraudulent.
https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-mon...
https://www.consumerfinance.gov/rules-policy/regulations/100...
https://www.zellepay.com/financial-education/pay-it-safe/und...
That's how zelle works as well, with the exception that it's probably not built into every banking app, considering the number of US banks.
US is way behind.
Like over a decade behind.
FedNow is native real time messaging plumbing, so all deposit accounts can support it once you plug into FedNow (which is run at cost by the Fed). We should theoretically arrive at an experience similar to UPI, PIX, and other instant payment systems where you can use phone numbers, email, or QR codes to facilitate payments over the next 1-3 years.
Payments in Asia and other developed countries are instant - bank to bank. No crappy 3rd party app.