/biz/ - Business & Finance

>>15325108
You are probably a zoomer who wasn't there in the early days of the internet so I will explain it to you:
Banks don't do payment, it's the job of payment processors, companies like VISA or Paypal for example, which provide payment gateways.

These gateways root your payment from your bank to the bank of the merchant without you having to exchange actual banking infos and wait 2 business days to transact.
There are slight differences between the two (as Paypal offers a form of account too) but you get the picture, they are facilitators, without them there would be just cash or 2-3 days bank transfers.

Paypal became a thing because there just wasn't any real solution for internet payment at that time and a lot of people were scared to share their credit card details on some random merchant website.

Paypal provided a solution to that which was more secure and easy to setup for merchants back in the 00s, now of course VISA/Mastercard works just fine but they lagged for years and Paypal built a huge market share in the meantime.

Paypal is having questionable tactics toward merchants today and has to face increasing competition from Google/Amazon/Facebook.
In bonus there are crypto/fiat alternative like Nimiq OASIS which will add on top of that.

Btw free coins for whoever wants to test Nimiq:
>https://hub.nimiq.com/cashlink/#KsX6e3E7TXlA_YwsbjvfEOZjFF9X2yRunBfmwqy0Ga8AAAAAAJiWgAI0dQ==