Apple Pay agreements with credit card companies, banks up for renewal this year

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  • Reply 21 of 22
    avon b7avon b7 Posts: 4,180member
    ktappe said:
     weaker penetration of wireless payment terminals - a slowness that is unique to the USA.

    Indeed. The U.S. banking system lags badly behind the rest of the world. U.S. banks are stuck in 1950. A couple days ago I wanted to transfer $75 to a neighbor who I owed. He and I both have M&T bank accounts. Yet M&T told me there is no way to transfer those funds from my account to his despite me having both bank account #'s. They said the only way they could do it is if I set him up in my account's Bill Pay and if I did, they would literally cut him a paper check. From M&T to M&T. Then I called my credit union. They too said there was no way for them to e-transfer funds to his (different) credit union account. For some reason Americans are just willing to accept this dark ages banking system. I eagerly await these new e-payment startups eating the decrepit big banks for lunch.
    Wow. I don't even remember the last time I saw a cheque. As for the transfer, I could do what you wanted from my phone, tablet or computer in under 15 seconds and to any account with an IBAN (just about every EU account). Using an ATM would take a little longer but not much.
  • Reply 22 of 22
    uraharaurahara Posts: 280member
    ktappe said:
     weaker penetration of wireless payment terminals - a slowness that is unique to the USA.

    Indeed. The U.S. banking system lags badly behind the rest of the world. U.S. banks are stuck in 1950. A couple days ago I wanted to transfer $75 to a neighbor who I owed. He and I both have M&T bank accounts. Yet M&T told me there is no way to transfer those funds from my account to his despite me having both bank account #'s. They said the only way they could do it is if I set him up in my account's Bill Pay and if I did, they would literally cut him a paper check. From M&T to M&T. Then I called my credit union. They too said there was no way for them to e-transfer funds to his (different) credit union account. For some reason Americans are just willing to accept this dark ages banking system. I eagerly await these new e-payment startups eating the decrepit big banks for lunch.
    Yeah, it all depends on banks.
    Here in Germany we have banks which need 2 days to process transactions (one of my banks). And for having account here, I need to pay (monthly fee).
    And I have accounts in 2 other banks. Between them I transform money within 3 hours! And their services are free (no monthly fee)!

    So even in Germany there is a huge discrepancy between banks.
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