Writing a check seems to be the only way to transfer money to each other in the US (besides of cash). And with mobile deposit, it’s pretty easy as the recipient. So why not also digitize sending of the checks? Like, generate a photo of a check and email it?
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I don’t get why banks in the US let PayPal and Venmo have a chunk of their business. In Europe, transferring someone money is easy and usually instant, just as long as you know their bank account number.
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People in Europe still use PayPal, but it’s used just as a payment method next to Credit Card, etc. I’ve never heard of someone say “I’ll pay pal you the money back”. You just punch their acct # in your banking app and it’s there. No middle man.
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Replying to @MaxSumrall
People in France and Spain still use PayPal to transfer money, because banks there make it unnecessarily hard too. Though Spain is changing with Bizum
7:53 AM - 28 May 2020
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