Why do apps/banks like Cashapp, Venmo, and Apple Pay charge a fee for instant transfers?

243 viewsOtherTechnology

Is it something that takes more labor or tech and therefore they charge? How is transferring from a bank in one to three days different from transferring right away, if they’re similar by method?

In: Technology

6 Answers

Anonymous 0 Comments

Transactions typically take a couple days to go thought the communication, verification, etc. process so the “instant transfers” are basically short term loans. So they charge you for that loan.

You are viewing 1 out of 6 answers, click here to view all answers.