Maybe a dumb question, I skimmed the post but it's a lot to take in. Would this potentially enable third party integrations, like Venmo or sending money through iMessage? That's something I've always been a bit jealous of with Americans. E-transfer has been fine but it's clunky.
If you're jealous of the US, better don't look to India or even the EU. Free or very cheap, instant P2P and B2C payments have reached mass adoption in many parts of the world at this point.
Venmo and iMessage are actually more annoying than you might think. Both silo your funds and you'll have to pay significant fees for instant withdrawals to your bank account, while regular withdrawals take at least a day.
Zelle is a bit better since it draws/deposits directly from/to your checking account, but most banks' UX is moderately to extremely janky.
Isn't "etransfer clunky compared to venmo" just a function of how your particular bank has designed their app UI/UX?
Yes but I'd like if the market had the ability to compete for better money transfer UI/UX than switch banks because their app is mediocre.
Switching banks in Canada seems like a much easier proposition to get a better UI/UX for money transfer than any option in the US with Venmo.
You can't switch to alternative apps that use Venmo, and if your network of people uses Venmo, you can't use a different money transfer network.
>Switching banks in Canada seems like a much easier proposition to get a better UI/UX for money transfer than any option in the US with Venmo.
That's predicated on there being a better bank UI in the first place. Venmo's UI is far more consumer-friendly than any bank's Zelle payment UI that I know of.
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