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I don’t really want my local retailer to have my bank account and login information. While not a fan of the fees, at least using a card puts an intermediary between the retailer and me and neither has my bank account information.
Walmart has been gung-ho for some time to cut out the middle man. Around a decade ago, they were one of the drivers of something called CurrentC that tried to beat Apple Pay and Google Pay to the punch. It failed spectacularly because it was junk and to this day, they still won’t let you use Apple Pay.
Whatever they’re doing will never take off until they’re willing to give the customer a financial incentive to use it… they’re trying to keep 3% on fees. Give the customers a 1% discount and maybe it has a chance.
Agree with Stephen. Until banks or merchants provide the same level of fraud protection for “pay by bank” as exists for card transactions, count me out.
Will they instantly return the money when there is a return?
Very valid question and highly doubtful.
One more step towards a cashless society which seems to be the goal of the government.
Blame Walmart! The government doesn’t provide this, Walmart does! And it’s just to save you money if!! You want to cut out the middle man robbing you!!!!! Smmfh
Instant bank payments are commonplace in virtually every other country around the world.
No, In the EU at least, it is very very common just to use credit cards, because the fees are negligible. The fees for credit card transactions are nine times lower in the EU than they are in the US, where the average US fee is around 2.7%.
I have never liked a retailer to have my bank account info, BUT as a business, credit card fees are outrageous. In the US the average fee charged to the retailer is around 2.7%. This is 9 times higher than the EU. Everyone in the US is paying for rich people’s Hawaiian vacations and all of those rewards programs that make up that 2.7% fee, because retails have to raise prices for everyone to cover those fees.
The alternative is that retailers (like some restaurants are now doing) charge credit card users a 2-3% premium to use a credit card. I don’t think carrying huge wads of cash is going to be less of risk than giving a retailer your bank account number.
yeah, I’m not seeing the benefit to the consumer except for the most cash strapped people out there.
At least when the gas stations offer a direct-debit option, they give you a few cents off per gallon.