Which is weird since the US Fed is now trialing a direct transfer service, and you’re a lot of dead boomers and genXers away from dethroning V/MC/Amex from their ubiquitous payment networks. There’s nothing you can do on the consumer side to make fund transfers cheaper or more attractive (reward systems already pay consumers to use cards) and also get vendors on board (who hate the 2.5-2.8% they already pay; they’re sure as shit not going to pay you more than the going rate). Plus, given how poorly the code at Twitter was managed, you’d have to be an idiot to trust X with your money.
The main benefit of credit cards is they are credit. So if there is an issue you can hash it out before you actually pay for it as oppose to asking they send the money back.
The main appeal of credit cards is that their safety system has been so weak for so long, they had to develop amazing support systems just so people would use their horribly bad payment method.
The support systems still remain, so if I don’t get my package, that’s somehow the credit card company’s problem now.
Here in Australia we’ve had direct transfer between banks for what seems like decades, yet people still use PayPal etc. If X gave me a reason to use it for payments, I would have no problem using it. I use paypal for some things, direct bank transfers for some, bpay for others, credit cards for others.
