191–200 of 295 posts
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Looks like an excellent target for phishing attacks!
No kidding. That step 3 is a doozy: > The recipient will be emailed a link to easily deposit their cash to their bank. You have to wonder about the wisdom of training people to view such emails as legitimate.
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If you don't trust your bank to fix fraud, than you need a better bank.
I actually laughed at that. Every bank here is the same and we supposedly have some of the safest banks in the world. Im limited to an 8 character password, and the other banks here are little better. New Zealand.
The most stunning part of this is the "free" part. The Durbin amendment regulates the cost of debit transactions over the Visa/Mastercard network. It's $0.22 + 0.05%. Mossberg reports that Square is planning to monetize via "premium options" like international transfers. But still, $0.22+ is a lot to lose every time someone uses your mass-market service. Good thing they raised $341M of VC money. Who said the dot com…
The dotcom did get some things right. The internet is a big deal. There are land grab markets. They got timing and lots of other details wrong. Maybe they will need to have a freemium offering long term to avoid too balance this if they start hitting millions of active users. It should be easy enough to get $5 pm from big users.
They are playing for a big market(s) here. Very big. If bthey are paying to build their name and userbase, it could make good business sense.
We know a lot more hese days. Our instincts are better. We are not cming up with a valuation based on a multiplier of hits. A user of a financial service has a realistically high value.
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You're oversimplifying. There are wide differences in consumer protections between credit and debit cards. The list of reasons for a valid chargeback on a debit card is much more narrow than a credit card. For example, suppose you purchase a tablet online and when you get the package, you sign for it, open it, and it's a paperweight. If you charged that on your debit card you're out of luck and will have to go to sma…
I will only point out that you're paying for this kind of convenience in getting your money back - and the cheap flights - somewhere.
This is one area where the US seems to be behind compared to the UK. I am from the UK and that service would look quite poor if it launched over here. We have a system called faster payments service that offers instant (although in some cases up to 2 hours) bank transfers for payments up to £100,000 (can differ between banks). You can use this directly if you share bank account numbers and sort codes but there are al…
The Barclay's "pingIt" system is a step in the right direction, I think all banks should adopt a similar system. Paypal "gifting" is a good alternative to this but not everyone has a paypal account
This is one area where the US seems to be behind compared to the UK. I am from the UK and that service would look quite poor if it launched over here. We have a system called faster payments service that offers instant (although in some cases up to 2 hours) bank transfers for payments up to £100,000 (can differ between banks). You can use this directly if you share bank account numbers and sort codes but there are al…
Having recently moved from the UK to the US, I was quite shocked at the state of US banking. In the UK we can transfer money for free, use many ATMs free (not just the bank's own), we get free chequebooks, and there are plenty of accounts with no monthly fees. My US bank has a whole list of charges, and it's not made up by higher interest rates.
There's no such thing as "free banking" in the UK
Residents of 48 US states have the ability to send and receive Square Cash. Currently, you'll be limited to receiving Square Cash if you live in the following two states..
Seriously, I am all for the simplicity of the system and the flow of the narration, but where the heck is the explanation of how this is not trivially exploitable?
The most stunning part of this is the "free" part. The Durbin amendment regulates the cost of debit transactions over the Visa/Mastercard network. It's $0.22 + 0.05%. Mossberg reports that Square is planning to monetize via "premium options" like international transfers. But still, $0.22+ is a lot to lose every time someone uses your mass-market service. Good thing they raised $341M of VC money. Who said the dot com…
Maybe, but maybe not. The dotcom did get some things right. The internet is a big deal. There are land grab markets. They got timing and lots of other details wrong. Maybe they will need to have a freemium offering long term to avoid too balance this if they start hitting millions of active users. It should be easy enough to get $5 pm from big users. They are playing for a big market(s) here. Very big. If bthey are p…
Remember when PayPal paid out a $20 referral bonus for each new customer? Yeah, those days.