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Fed’s new instant payment system could be trouble for PayPal, Venmo
(arstechnica.com)
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this post was submitted on 24 Jul 2023
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Thank you for this, because as an Australian I was quite confused. We have had "instant" payment systems for as long as I can remember between banks. The US banking and payment system seems stuck in the dark ages.
This didn't kill things like PayPal though, they're completely different services.