[tempest_]

It also solves an exclusively American problem. In my country anyone can send money bank to bank, no need for a separate service.

[toomuchtodo]

Absolutely, most of this is private corporate duct tape over a lack of Pix (Brazil), UPI (India), Instant SEPA (Europe), etc [1]. “Americans can always be trusted to do the right thing, once all other possibilities have been exhausted.” [2] In a US financial services market, Venmo and CashApp are unnecessary assuming you procure a deposit account from a bank or credit union with instant payment rails access [3] [4]. Even Schwab has access to Zelle, for example. You need not extend credit and have credit risk exposure for paper checks anymore as well as an issuer of a deposit account.

[1] https://en.wikipedia.org/wiki/Instant_payment

[2] (widely attributed to Winston Churchill)

[3] https://enroll.zellepay.com/

[4] https://www.frbservices.org/financial-services/fednow/organi...

[kevin_thibedeau]

> Even Schwab has access to Zelle

Schwab's accounts are backed by Chase. Zelle comes along for the ride.

[linkregister]

Zelle has a transfer limit of $1000 per day and has a bad user interface.