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Comment by toomuchtodo

13 hours ago

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...

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toomuchtodo

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linkregister  12 hours ago

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

  • toomuchtodo  12 hours ago

    Transfer limits are selected by each network participant [1], based on their risk tolerance. Four years ago Zelle was moving half a trillion dollars (~$490B) a year, 1/4th of total credit card volume [2]. I’ll come back with 2025 numbers when time permits. Zelle is baked into each financial institution’s app, there is no stand alone app anymore (as of March 2025) [3]. If you don’t like the UX, switch banks or credit unions, they’re mostly interchangeable. There are thousands to pick from.

    I move thousands of dollars a month with Zelle, so I know it’s possible. My credit union allows me $3k/day, $8k/month. Chase Bank had similar limits before I left them.

    [1] https://news.ycombinator.com/item?id=43552030