Because of how and when it got computerized, it's hard to move it forward again. There's no desire for sweeping changes, everything has to move slowly now.
There are several personal transfer services (PayPal is ancient and fits the mold), but none have a lot of penetration. I think Zelle? is deployed through bank integration, and may end up with a lot of users as a result; possibly critical mass.
There was a lot of backlash on rf payments the first go round, a few issuers gave me cards with it, but then they removed it. Then they started issuing cards with chips, and now most of them are putting rf payments back in. A lot of payment terminals have the hardware for it, but a lot of them also have signs that say don't tap to pay.
I can easily do electronic (ACH) between my accounts, as long as I've gone through setup, which takes days for test deposits to show up. But to transfer to a friend or a relative is tricky.
The first digital computers were used by banks within years of each other - 1955 for BoA in the USA, 1958 for BNP in France and 1959 for Barclays in the UK. And those machines merely took over from existing calculating systems that had been in place for a good couple of decades.
US banks suck for a lot of reasons but part of it is that culturally and regulatorily the entire financial/banking/commercial environment in the US is very conservative. And there's not much in the way of pressure to make changes either - whether internally from competition and regulation or externally from the need to interact with other countries. Like broadband, consumer banking is basically an oligopoly that will quite happily plod along providing the same service as long as it can.
Because of how and when it got computerized, it's hard to move it forward again. There's no desire for sweeping changes, everything has to move slowly now.
There are several personal transfer services (PayPal is ancient and fits the mold), but none have a lot of penetration. I think Zelle? is deployed through bank integration, and may end up with a lot of users as a result; possibly critical mass.
There was a lot of backlash on rf payments the first go round, a few issuers gave me cards with it, but then they removed it. Then they started issuing cards with chips, and now most of them are putting rf payments back in. A lot of payment terminals have the hardware for it, but a lot of them also have signs that say don't tap to pay.
I can easily do electronic (ACH) between my accounts, as long as I've gone through setup, which takes days for test deposits to show up. But to transfer to a friend or a relative is tricky.