Send Money to Friends in Messenger • Hacker News Board

Re: Send Money to Friends in Messenger

#81

Post by fragmede » Tue, Mar 17, 2015, 7:52 PM UTC

andrepd wrote: post #68

bluetidepro wrote: post #57

Earlier quoted context omitted.

"Oh wait, that's not my bank's ATM. I don't want to be charged a $4 fee. Oh well, I'll get you next time." ATM's are not a good solution. I don't want to pay $24 to give someone $20 because of ATM fees. Or wait in a long line (assuming you are at a busy location/area) to get the money.

Wait, there's a fee to withdraw money from ATMs? Never heard of such a thing.

It is pretty much the default in the United States, but Wikipedia seems to say it exists around the world.

https://en.wikipedia.org/wiki/ATM_usage_fees

Re: Send Money to Friends in Messenger

#82

Post by wongarsu » Tue, Mar 17, 2015, 7:53 PM UTC

andrepd wrote: post #68

bluetidepro wrote: post #57

Earlier quoted context omitted.

"Oh wait, that's not my bank's ATM. I don't want to be charged a $4 fee. Oh well, I'll get you next time." ATM's are not a good solution. I don't want to pay $24 to give someone $20 because of ATM fees. Or wait in a long line (assuming you are at a busy location/area) to get the money.

Wait, there's a fee to withdraw money from ATMs? Never heard of such a thing.

I hear it's pretty common in the US. I guess it has to do with the question who operates the ATM. In Germany it exists too if you use an ATM from a bank that's not partnering with your bank (which is ~50% of all ATMs and straightforward to figure out).

Re: Send Money to Friends in Messenger

#83

Post by ForHackernews » Tue, Mar 17, 2015, 7:53 PM UTC

andrepd wrote: post #65

zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

Don't forget about Bitcoin.

Hahaha, good one.

Re: Send Money to Friends in Messenger

#84

Post by koyote » Tue, Mar 17, 2015, 7:53 PM UTC

zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

In the UK we have PayM which is set up by the banks.

You simply load your bank's mobile app and send money to your mate using his phone number. It's pretty simple to set up and works across most major banks here.

Re: Send Money to Friends in Messenger

#85

Post by sp332 » Tue, Mar 17, 2015, 7:55 PM UTC

andrepd wrote: post #68

bluetidepro wrote: post #57

Earlier quoted context omitted.

"Oh wait, that's not my bank's ATM. I don't want to be charged a $4 fee. Oh well, I'll get you next time." ATM's are not a good solution. I don't want to pay $24 to give someone $20 because of ATM fees. Or wait in a long line (assuming you are at a busy location/area) to get the money.

Wait, there's a fee to withdraw money from ATMs? Never heard of such a thing.

It depends on a lot of things. Some banks charge to withdraw from other banks' accounts. Some banks join "networks" and don't charge for others in the same network. Some ATMs are set up inside stores, and they charge money that goes to the store instead of a bank.

Re: Send Money to Friends in Messenger

#86

Post by VLM » Tue, Mar 17, 2015, 7:55 PM UTC

zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

The cognitive load is expensive. I had never heard of venmo until this thread although I've heard of the 20 or so competitors.

A confuseopoly depends on an uninformed public. I'm sure there's some special reason for each of the 20 or so payment services, although I don't have the time and motivation to research. Confuseopolies are designed to screw the end user. So I'm inherently scared away from "payment services". Especially when simple cash is to fast, easy, incredibly cheap, and convenient.

Where we're at right now with payment services is roughly 80s BBS or 90s walled garden legacy services. "Wow, if the whole world were on this BBS or on compuserv then the whole world could talk together... but no there's fifty BBSes in my LATA alone"

Re: Send Money to Friends in Messenger

#87

Post by ForHackernews » Tue, Mar 17, 2015, 7:55 PM UTC

bobsky wrote: post #5

A natural addition. And just like Square Cash, just enter bank issued debit card for fee-free transactions. Now if it would work outside the US and in-between different countries, that'd be the killer app. Is there anything close to that dream?

> just enter bank issued debit card for fee-free transactions.

IIRC, Square is only able to do this by abusing the "refund" feature of debit cards to credit money to those accounts. I read an article a while back that claimed the banks were not happy about this, and considering shutting it down (or rate-limiting it) in the future.

Re: Send Money to Friends in Messenger

#88

Post by differentView » Tue, Mar 17, 2015, 7:55 PM UTC

billyhoffman wrote: post #52

Interesting. Facebook has over 1.1 billion users, but their existing financial systems (Facebook credits, etc) process only 1 million transactions a day. I would have thought it was higher. Of course, that's daily, so another way to look at it is 0.1% of Facebook users pay for something on Facebook on a given day, which strangely feels high.

>Facebook has over 1.1 billion users

People really need to stop repeating this. As someone with over 30+ Facebook accounts (for games) and knows lots of other Facebook gaming friends with 10+ accounts as well as non-gamers who keep 2+ accounts (primary, parents/relatives, cosplay/hobby, work, etc...). I'd discount whatever number Facebook reports by at least 20%.

Re: Send Money to Friends in Messenger

#89

Post by puranjay » Tue, Mar 17, 2015, 7:56 PM UTC

andrepd wrote: post #65

zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

Don't forget about Bitcoin.

Almost no one outside of my techie friends know about Bitcoin. Even fewer understand how it works, so that's a no go.

Re: Send Money to Friends in Messenger

#90

Post by fragmede » Tue, Mar 17, 2015, 7:57 PM UTC

smackfu wrote: post #80

gk1 wrote: post #43

Earlier quoted context omitted.

"You owe me $20" "OK, hold on, here's an ATM." ... "Here you go."

When you get used to something like Venmo, and a critical mass of friends are using it, it's amazing how effortless it is. Take a cab somewhere, one person pays with their credit card, the other people settle up in the next 30 seconds. Done.

It's the critical mass of friend's that key though. Hell, Paypal is just as effortless once that critical mass is hit, and that's has been around since 1998.