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Don't forget about Bitcoin.
If your debts are in dollars, I don't see any point in Bitcoin with its fluctuating exchange rate.
I want to send and receive money quickly, easily, and cheaply. Now I'm also seeing what Ted is up to on my news feed. He's my Facebook friend now because we were all at a restaurant last week and they didn't let us split the bill.
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If your debts are in dollars, I don't see any point in Bitcoin with its fluctuating exchange rate.
The points are that you don't need 1. a bank account 2. a debit/credit card 3. facebook messenger in order to send money instantly.
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Hahaha, good one.
Instead, let's be dumbfucks[0] and use Facebook to send money! [0] http://www.businessinsider.com/embarrassing-and-damaging-zuc...
But let's get real, bitcoin combines the ease-of-use of sendmail.cf with the stable value of the Russian ruble.
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Why is it unlikely that enough people will add their card information to Facebook?
I'm curious, too. Given that they have hundreds of millions of users and most (that I know) don't seem to care one way or the other about the privacy implications, I don't see usage being an issue at all.
Not sure if that's common or not, and i'm sure i'm in the minority, but nevertheless i figure it's a valid thought. To be clear, i'm not saying that they shouldn't be trusted, i'm saying that to a FB-ignorant person, i'm not too trusting of them.
Note: This has nothing to do with anti FB/"FB data" type of people.
Wow, this is a really interesting play by Facebook to gather finance details of their users. I can absolutely see an scenario where friend X wants to pay friend Y who hasn't enabled Pay and they nag until friend Y does sign up. The cycle will continue. It's probably part of a bigger venture into eCommerce for Facebook.
Despite gmails best efforts to block the dozens of emails offering to send me money, I still get a couple once in awhile, and like most internet users I'm pretty good at deleting them without falling for the scam.
I suspect life will be very rough on early adopters.
I have had Venmo for about 4 years now (it started at my school so we were early) and it is tied with Lyft for the startup I could not live without. Last year I sent ~$8,000 and received about $8,500 on Venmo. So a $500 diff but the amount of time it saved me versus transferring that $16,000 any other way is many, many hours.
I don't think Venmo does too well as a business (processing cash for free for years can't be good business) but they have nailed the user experience.
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.
Free? How? Any company charge you processing fees when you use credit card