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Ripple Has Signed Up A Bank To Use XRP For Payments. So What?

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3 hours ago, Freaky said:

Banks are already I.T shops.

They are there to make profit, not help consumers. If they cared for consumers credit cards wouldn't exist.

Banks make profits by HELPING consumers with financial matters. “Caring” for you, is your parent’s job.

Blaming a credit card for personal debt is like blaming a needle for becoming a drug addict.

 

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20 minutes ago, Tinyaccount said:

So the history of more efficiency in industries lowering prices to consumers because of the competition doesn’t apply to banks?

They have a magic barrier to competitive pressures?  Cool...  could you elaborate how they do that?

I’m sure the couriers and pc manufacturers and electronics industries and the myriad of others would like to ringfence their industries too.  So please do share the secret banking sauce.   :) 

When banks started outsourcing to 3rd world countries around the turn of the century, did they start passing on cheaper services to consumers ? Of course not.

Banks are continually find ways to cut costs and maximise profits.

Let's assume my bank that currently pays swift 40cents per transaction decided to now use xrapid, and lower their cost to 20cents per transaction.

Why would they pass anything on to the consumer, they would still charge them $20 via online banking and $32 in the branch.

 

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9 minutes ago, Valhalla_Guy said:

Banks make profits by HELPING consumers with financial matters. “Caring” for you, is your parent’s job.

Blaming a credit card for personal debt is like blaming a needle for becoming a drug addict.

 

Australia just released it's findings on a Banking Royal Commission that was undertaken last year.

It was damning, banks are anything but peoples friends.

Banks will certainly HELP you obtain credit, that you spend a lifetime repaying them with interest. Whether you can afford it or not.

 

https://www.theleader.com.au/story/5886627/banking-royal-commission-delivers-damning-final-report/

"Declaring that "choices must now be made", Justice Hayne has also referred some of the nation's biggest company names to regulators for possible criminal or civil action for the way they treated their customers."

Edited by Freaky

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33 minutes ago, Freaky said:

When banks started outsourcing to 3rd world countries around the turn of the century, did they start passing on cheaper services to consumers ? Of course not.

Banks are continually find ways to cut costs and maximise profits.

Let's assume my bank that currently pays swift 40cents per transaction decided to now use xrapid, and lower their cost to 20cents per transaction.

Why would they pass anything on to the consumer, they would still charge them $20 via online banking and $32 in the branch.

 

Um, er,  because they are losing customers to the cheaper alternatives?  Are you saying you don’t know how competition works?

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33 minutes ago, Tinyaccount said:

Um, er,  because they are losing customers to the cheaper alternatives?  Are you saying you don’t know how competition works?

And how low will prices go before remittance providers no longer make enough profit to survive.  They go broke,  and the banks are back to charging whatever they want.

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40 minutes ago, Freaky said:

And how low will prices go before remittance providers no longer make enough profit to survive.  They go broke,  and the banks are back to charging whatever they want.

You seem to believe there is one consolidated monopolistic block that is “the banks”.  That could not be further from the truth.  There are new online banks busily undermining the older banks, there are breakaway new tech adopters in the older banks racing to adopt new tech and market share.  Diversity in methods and goals abound.

Competetion applies in the banking world like it does in every non-monopolistic industry out there.  You appear to be naively unaware of this or are just bloody minded.  I can’t be bothered trying to find out which.  We disagree.  Thanks for sharing your opinion.

Edited by Tinyaccount
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