this post was submitted on 28 May 2024
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Brasil enters the chat
No fees transfer takes seconds, as long as it's not international. People use it for buying groceries, clothes or paying for whatever they buy in the middle of the street from other people who are not businesses. Confirmation of payment from receivers end is immediate with a push on your phone.
All sellers can produce a QR code including receiver address and price to be payed. All bank apps scan and pay seamlessly.
Russia enters the chat.
Same. It is done with National Payment System of Cards law, which people usually call "MIR cards". It started as replacement system for visa and mastercard, but evolved into System of Fast Payments/Transactions.
You can use it in three ways: enter recepient's card number, enter recepient's phone number or use qr code.
Quite similar to India's UPI system