this post was submitted on 08 Sep 2023
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For the life of me I can't understand why Canada allows the main mechanism of bank transfers be privately managed (Interac).
A public service concession to a monopolistic company is the worst of all worlds. Well, at least it exists, so it's already better than the real worst of all worlds that is US inter-banking shitfest. Still, being second-to-last isn't occasion for celebration.
Absolutely agree INTERAC should be nationalized. This is why I like CBDCs it's because we'll have the opportunity to further strengthen public sovereignty and interests in our own currency.
I'm actually curious as to who/how interac is governed. In the USA it's also private and TERRIBLE compared to Canada. I don't know if that's just the result of private sector success or if there is a bigger story there.
No idea how it works elsewhere in the world, but your comment suggests there are others that do it even better?
Some countries have an instant payment system managed by the central bank, like Brazil (BCB & Pix) and Hong Kong (HKMA & FPS). Looks like the US is trying with FedNow but let's see how that goes... hoping for the best really, and that Canada catches on.
Even if a complete instant payment system isn't federalized, there are other ways central banks can at least enforce some interoperability of money transfers. That should be the bare minimum.
Zelle and Venmo dominate and the US government is rather incompetent at government services given all the small government folks there.