Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.

  • Muddybulldog@mylemmy.win
    link
    fedilink
    English
    arrow-up
    42
    ·
    1 year ago

    While I’ve used PayPal for, holy shit, decades… my recent need to move cash around with my Gen Z children caused me to venture into Venmo and CashApp. While I’m skeptical of the proper execution of anything new the federal government introduces, I can’t imagine they could create a WORSE experience than these new-age, middle-man processors. I’ve had to call my bank more times in the last two weeks to unlock fraud alerts than I have in the past twenty years. Then, after doing that, the damned processors themselves start declining $5 transactions for no apparent reason. I’d sooner poke myself in the eye than try to make a payment.

      • BombOmOm@lemmy.world
        link
        fedilink
        English
        arrow-up
        13
        arrow-down
        4
        ·
        1 year ago

        While that is true, I have also had issues with Venmo that I have never had with PayPal. I have no clue what the back-end difference is, but I stopped using Venmo after they decided a small payment to a friend was suspicious and locked my account. Meanwhile, payments to that same friend via PayPal have been fine.

        • 6daemonbag@lemmy.dbzer0.com
          link
          fedilink
          English
          arrow-up
          14
          arrow-down
          1
          ·
          1 year ago

          I’ve been locked out of my PayPal since 2005. On their end my account is somehow both locked and nonexistent, creating a loop of error messages. Last time I tried to have a real human fix it they basically shrugged, and that was about 7 years ago haha