The end of the accounting search

Posted May 18, 2023 19:39 UTC (Thu) by irvingleonard (guest, #156786)
In reply to: The end of the accounting search by rschroev
Parent article: The end of the accounting search

There's a feature that the cheque has: the person being paid doesn't have to share his/her banking details with the payer, and has the option of caching it on any account that he/she sees fits. Also, it works without electricity (ran out of juice? got the phone broken/stolen? got your account locked because reasons? etc).

The end of the accounting search

Posted May 19, 2023 14:28 UTC (Fri) by kleptog (subscriber, #1183) [Link] (2 responses)

> There's a feature that the cheque has: the person being paid doesn't have to share his/her banking details with the payer, and has the option of caching it on any account that he/she sees fits.

That feature is covered by using other payment services. For example Tikkie allows the user to make payment links for free which they send to the other person who pays it using by instructing their own bank. The underlying transfers are done by SEPA-Instant so for the users it's instant and the users only see the account number of Tikkie. There are many such services. If you're wondering who pays: it's not free for business users (>€2500/day).

As for the out of juice scenario, that's really a corner case. Then again, I live in a country with one the of the most reliable power networks in the world (>99.99%). Almost all the time you can just pay later when stuff comes online again. Such a narrow use case is not enough to sustain cheques.

The end of the accounting search

Posted May 19, 2023 16:01 UTC (Fri) by nijhof (subscriber, #4034) [Link] (1 responses)

The real corner case is trying to buy a new phone after breaking the old one, where you need the old phone to confirm any payment.

The end of the accounting search

Posted May 21, 2023 17:46 UTC (Sun) by j0057 (subscriber, #143939) [Link]

Two work-arounds come to mind: use the bank's web application to make the transfer from your desktop/laptop, or go to a physical shop and pay with your banking card.