Thoughtful.. but most consumers want their bank involved in helping them manage the risk. Consumers don't want speed and finality, they want trust and recourse. No one wants to pay their bill faster.. with the rare exception of emergency bill payments.. Trusted person to person payments can take place in real time in most geographies today, and the number of times you set up a "new" payee is rare.
1) Visa Direct provides the ubiquitous engine with the CX of a real time payment. The bank shows the money has gone in our out.. and consumer has recourse.
2) for the Doc you wanted to pay.. we get a text message with the doc's web site. Use our card with applePay and done. The trust is in doc's domain and credentials to log in and see the bill. Then payment takes no time at all.
3) RfP is a good use case and I am in favor of that for RTP schemes. I see recurring billers moving this direction if there is no incremental price. Thats the problem in US w/ TCH. Banks are selling instant availability of funds with RfP at a significant premium. As a biller I'm not paying 2% when there was no cost to do it that way before. Advanced supply chain businesses don't want RfPs because they must first match the invoice to the terms and to the reciept and acceptance of goods. They also pay on their own timeline.
I certainly do want trust and recourse, but I also want to not have to think about anything - when the bill from the plumber shows up, I might select "pay now" or I might select "pay at the end of the month" or whatever, but the point is that I want to press and button and then never have to think about it again.
I'm not so sure about the medical example - R2P still seems easier to me than logging in and using ApplePay and if the banks had any sense they wouldn't want Apple or Visa or anyone else in loop grabbing the data.
When It comes to business payments I agree that things are very different and yes billers are not keen on paying the banks more to do less, but they certainly will pay for a good service - look at what my friends at PaymentWorks are doing in this regards.
Anyway, already looking forward to continuing the discussion over a cocktail in Las Vegas.
Good discourse. Dave your not the typical customer. Pay with the card and they you can choose to pay for it at the end of the month. We already have the ubiquitous ease of use. Thats the problem for alternatives.
Thoughtful.. but most consumers want their bank involved in helping them manage the risk. Consumers don't want speed and finality, they want trust and recourse. No one wants to pay their bill faster.. with the rare exception of emergency bill payments.. Trusted person to person payments can take place in real time in most geographies today, and the number of times you set up a "new" payee is rare.
1) Visa Direct provides the ubiquitous engine with the CX of a real time payment. The bank shows the money has gone in our out.. and consumer has recourse.
2) for the Doc you wanted to pay.. we get a text message with the doc's web site. Use our card with applePay and done. The trust is in doc's domain and credentials to log in and see the bill. Then payment takes no time at all.
3) RfP is a good use case and I am in favor of that for RTP schemes. I see recurring billers moving this direction if there is no incremental price. Thats the problem in US w/ TCH. Banks are selling instant availability of funds with RfP at a significant premium. As a biller I'm not paying 2% when there was no cost to do it that way before. Advanced supply chain businesses don't want RfPs because they must first match the invoice to the terms and to the reciept and acceptance of goods. They also pay on their own timeline.
Thanks for taking the time to comment Tom.
I certainly do want trust and recourse, but I also want to not have to think about anything - when the bill from the plumber shows up, I might select "pay now" or I might select "pay at the end of the month" or whatever, but the point is that I want to press and button and then never have to think about it again.
I'm not so sure about the medical example - R2P still seems easier to me than logging in and using ApplePay and if the banks had any sense they wouldn't want Apple or Visa or anyone else in loop grabbing the data.
When It comes to business payments I agree that things are very different and yes billers are not keen on paying the banks more to do less, but they certainly will pay for a good service - look at what my friends at PaymentWorks are doing in this regards.
Anyway, already looking forward to continuing the discussion over a cocktail in Las Vegas.
Good discourse. Dave your not the typical customer. Pay with the card and they you can choose to pay for it at the end of the month. We already have the ubiquitous ease of use. Thats the problem for alternatives.