Re:How U.S. Banks Took Over the World
by toomanybeersies on Wednesday September 04, 2019 @11:39AM
(#20878213)
Last I checked, inter-bank transfers in NZ were hourly now. They're instant with Osko payments in Australia though, which is nice, and they include identity validation too. Paywave/paypass is also almost universal in Australia too, when I went back to NZ a couple of weeks ago it was noticeable how many shops didn't accept contactless payment.
Re:How U.S. Banks Took Over the World
by AmericanChopper on Wednesday September 04, 2019 @04:54PM
(#20881311)
> Last I checked, inter-bank transfers in NZ were hourly now
Depends on the bank, I think most of the big ones do. Some still do overnight. But remember, that’s on each side of the transaction, so a transfer between banks that settle hourly can still take a few hours.
Re:How U.S. Banks Took Over the World
by davchana on Wednesday September 04, 2019 @12:01PM
(#20878481)
Any bank to any bank transfers in India are literally instant now, via UPI or Unified Payment Interface. A central office gets all incoming requests, & settles the txns. Users & Merchants get id like user@bank, merchants can send a collect request; users can send money, protected through 4-8 char long pin.
Re:How U.S. Banks Took Over the World
by selimthegrim on Wednesday September 04, 2019 @01:24PM
(#20879384)
How’s that working in J and K?
Re:How U.S. Banks Took Over the World
by ajdlinux on Wednesday September 04, 2019 @10:48AM
(#20877652)
As an Australian who travels to NZ reasonably regularly the lack of touch payments, and even credit card acceptance (vs NZ EFTPOS acceptance) is noticeable.
Australia has now launched real time payments though, so I hope NZ catches up before too long...
I know that this is an outright fiction, so I’m leaning towards doubting the rest of your post too. Transfers in NZ are only instant if you’re transferring to somebody in the same bank. I don’t know what identity validation you’re talking about, NZ banks just take an account number for transfers. I’ve never seen a bank use government login in place of AML. Touch pay is not widely adopted at all in NZ, most merchants hate it because of the extra fees, in recent time it’s become somewhat common at larger merchants. Literally everything you said about banking in NZ is either outright false or a major exaggeration.