Credit cards

Investors are often told to avoid tech stuff because things can change overnight and what was a good investment becomes a looser. One area that is currently undergoing change involves credit card transfers. Most credit card card companies charge a fee, usually two or three percent and because of newer faster technology a company called Fincheck is able to transfer funds at a lower cost say one percent. This will move companies to this new system but not for long because the US government has come up with their own transfer system and it is free. Earlier this federal government announced its new money transfer system called FedNow and it came online in July of this year. Experts say that commercial use of FedNow will grow but consumer use will lag. Most people do not even know the credit card is charging business but in time they will discover that cutting out the middle man can lower prices. It will be interesting to watch this development.