The fastest way to send money electronically
We put Square, Google, Paypal, and Popmoney to the test-
Nov. 6, 2013, 7:05 a.m. EST
Downloading a book, movie or album takes just minutes. But
electronically transferring cash to a friend can take the better part of
a week.
In an earlier story, we explained how part of the reason computers move money so slowly is that banks still rely on 1970s technology.
But with a growing number of services vying to become the new go-to way
to message money, MarketWatch decided to take the tech for a test spin.
We sent $10 from New York to a colleague, multimedia producer Billy
Higgins, in San Francisco five different ways: through PayPal, Popmoney,
Google Wallet
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, and the recently launched Square Cash. As a control, we also sent $10
by putting a good, old-fashioned check in the mail. All of these
transactions were initiated at 3 p.m. eastern on a recent Friday
afternoon....http://www.marketwatch.com/story/the-fastest-way-to-send-money-electronically-2013-11-05?link=sfmw_sm
Google, Square thwarted by banks’ 1970s tech
Disco-era computers bedevil efforts to allow for instant money transfers- Nov. 5, 2013, 8:55 a.m. EST
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New services are popping up to make sending someone cash as easy as sending an email.
There’s just one problem: the technology banks use to move money dates
back to the 1970s. So while the Internet makes it possible to transmit
10 books across the country in several seconds, moving 10 bucks can take
several days. And demand for instant payment services isn’t nearly
strong enough to convince the banking industry to join the 21st century,
experts say...http://www.marketwatch.com/story/banks-rely-on-1970s-tech-to-move-money-2013-10-21
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