> > And cash is expensive. It's easy to scoff about the 1-2 % fees on cards
The fee could be 100% for the vendor if the card holders uses chargeback. People forget that chargeback exists because they almost never use it but it's a real possibility.
The recent OnlyFans scandal was in fact not an OnlyFans scandal but people charging back their credit card after the acquire the content provided by the creator.
If something has a shot at ever replacing cash won't be cards but instant wire transfers between banks so that payments mde by citizens are both real time and impossible to chargeback. SEPA Instant is the closest effort but even in leader countries there are 40%+ banks which still don't have it.
In the US it will be called FedNow but it's in its infancy
> If something has a shot at ever replacing cash won't be cards but instant wire transfers between banks so that payments mde by citizens are both real time and impossible to chargeback.
Chargebacks are enormously popular with the public, however, because they provide a remedy for various scams and avenues for abuse by businesses, which is extremely common. I think it would be more likely that a successful replacement would refine that process rather than remove it.
For shopping online, I honestly wouldn't use a service where charging back wasn't an ultimate option. Far too many scams, everywhere, and inconsistent support. Something like Amazon, sure, but random niche shopping websites? No way am I wiring money with no way out if it's a scam
I keep reading about charge back, but in only two cases I tried to do that, because I didn't receive the stuff I paid for, I haven't succeeded. Banks seem to side with the merchants, because merchants pay them, not us.
The fee could be 100% for the vendor if the card holders uses chargeback. People forget that chargeback exists because they almost never use it but it's a real possibility.
The recent OnlyFans scandal was in fact not an OnlyFans scandal but people charging back their credit card after the acquire the content provided by the creator.
If something has a shot at ever replacing cash won't be cards but instant wire transfers between banks so that payments mde by citizens are both real time and impossible to chargeback. SEPA Instant is the closest effort but even in leader countries there are 40%+ banks which still don't have it.
In the US it will be called FedNow but it's in its infancy