"Payments to a 'PayID' will occur immediately" my internet banking app informed me as I went to deposit funds onto an exchange today for my monthly buy.
I still thought it would take the exchange maybe 15 minutes to process the payment on their end. Nope. I refreshed the browser and the funds were there immediately. Osko payments, in Australia.
Not only are the transfers immediate but instead of bank details (account number, etc) you send funds to someone's "PayID" which could be either their phone number, email address, or ABN (Australian Business Number) for businesses.
The whole process was eerily familiar. It reminded me of a Bitcoin transaction.
Watch out folks, fiat is getting better (in one way at least).
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from Bitcoin - The Currency of the Internet http://bit.ly/2LiH6VW
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