Wait, really? This is a huge deal! Private companies should not have a monopoly on handling payments. They have major issues and garbage privacy. A federal service might not truly fix those problems, but it would ideally be far more accountable and subject to more oversight. Between this and the free tax filing service, I’m starting to feel moderately hopeful about certain things.
this post was submitted on 20 Jul 2023
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It sounds like a platform private companies can use to develop instantaneous peer-to-peer money transfer, as opposed to a true service run by the feds. Either way, the fact that it would allow someone to make a direct payment to another person's bank account anywhere would be a huge upgrade.
As a Canadian I'm surprised to hear it took this long. Is that why everyone uses venmo?