Comment by closewith
2 months ago
> SEPA? IBAN-to-IBAN? iDEAL and many other integrated payment systems
None of these are really comparable to Pix, which occupies a different place in the market (although it also covers these use cases). It absorbs almost all P2P payments as well as business payments, where cards and cash were previously dominant.
How is that different from SEPA?
All my bank transfers are done via SEPA, including those that I do for my business.
Frankly, I could not care less. I just type in or select an IBAN or scan the QR code with IBAN+Name+Comment+Amount+Currency
Do you buy on amazon with SEPA? Can you do your gym automatic subscription with SEPA? Can you buy stuff on Chrome with Google Pay with SEPA?
All of this is possible with Pix.
> Do you buy on amazon with SEPA?
Bancontact in my case, which is a country-specific payment system.
Amazon knows my IBAN and I authorize the payments through Bancontact.
> Can you do your gym automatic subscription with SEPA?
Yes
> Can you buy stuff on Chrome with Google Pay with SEPA?
Nope, Google Pay only accepts credit cards.
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Amazon and Google are stupid in that they don't accept SEPA payments, but that's an Amazon & Google issue and not a SEPA issue.
Many of my subscription services (from webhosting to internet to recurring hospital bills) are done using Sepa Direct Debit (SDD).
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A vanishingly small number of people split bills, pay for chewing gum, etc with SEPA. Third parties including credit/debit cards and Revolut dominate (with their proprietary P2P payments) in the EU.
It simply occupies a different market space and mindshare than Pix.