PayPal to increase fees next month | Hacker News Reader

PayPal to increase fees next month

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33 pointsisabelc9 comments

The inflation doesn't increase fees enough?

Nothing compared to what lack of competition can do.

https://independentbanker.org/2022/02/now-is-the-time-to-pre...

https://www.frbservices.org/financial-services/fednow/about....

Indeed, this is the last hurrah for PayPal. US instant payments go live early next year. They’re trying to squeeze what’s left before they’re obsolete.

We've had this in Australia for a while now under the name "NPP" (New Payment Platform) more commonly referred to by folks as "PayID" or "Osko", and I have to say since it's been introduced I've never used PayPal to buy or receive payment for stuff in Australia.

PayPal is an inferior experience in just about every way; it's not instantly in my bank account (it takes days), there's huge fees, and its an unnecessary third party that adds no real value.

Sadly I don't think there is anything similar here in Europe that would give the same level of consumer protection though. Also convincing sellers to accept a new payment method seems a big effort that requires some time. Hopefully I'm wrong.

Something somewhat similar is Blik in Poland. Free and instant transactions: user to user, online, ATM, ground terminals. Primarily based on short-term one-time codes generated in your banking app.

In 2021 alone, it had 21.5M active users and it facilitated 758M transactions. Polish National Bank (Polish counterpart of the Fed) reported that in 2019, online transactions using Blik have surpassed in volume online payments using credit cards.

Also mentioned is the removal of PayPal Key, a feature where PayPal issued users a debit card that would then charge a credit card for any purchases. This feature certainly cost PayPal a ton of interchange fees that it will never recoup, and it is amazing it was ever launched.

Was widely abused to churn spending that needed a debit card into credit card spending (and thus CC rewards).

Creators need to start sending & receiving payments on blockchain apps. The sooner we make that transition the sooner we don’t need to put up with fee increases. We’re working on that liberation with www.Kuky.com

Paypal is basically a poor man's Stripe

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