201–210 of 293 posts
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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.
You just need a bitcoin balance and the recipient needs a bitcoin address. Which practically seems like way more friction than the three items you listed.
It's an interesting feature, but it seems unlikely that enough people will add their card information to Facebook to make it worthwhile, considering that both the payor and payee need CC information included for the payment to work. On a related note, this continues Facebook's unfortunate user-interface decision to replace the simple "send" button in Facebook Messenger with a row of increasingly crowded and not-parti…
Why is it unlikely that enough people will add their card information to Facebook?
Your payee has to a) have the FB app installed, b) have a debit card, c) from a US-based bank and d) agree to add that debit card to the FB app.
It's more than just "pay on FB". Enough little hurdles to present immediate adoption friction. Many people know that you can do chargebacks on CCs but can't do that for debit cards so they have reservations about adding that debit card to online transactions (never mind that FB Pay is likely just using ACH in the background).
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.
Swish got some bad press when Moxie noticed that they "borrowed" some code, but the system is easy to use and seems to work well.
[1] http://blog.nullbyte.eu/open-curtains-in-swish-payments-serv...
"It seems wrong that an email message from your best friend gets sandwiched between a bill and a bank statement," the company wrote in its announcement blog post for the feature. The service didn't catch on, perhaps in part because Facebook never truly created a friendly or familiar interface for emailing. [0]
In much the same vain, wouldn't it be that users wouldn't like to tolerate their friends who are going to bug them about the $20 they owe from last time since now they have no excuse to avoid payment. Because they can do it right there in the messenger?
This is going to be a whole new level of friends/family and money don't get on pretty well. Maybe just me though.
[0] http://www.theverge.com/2014/2/24/5443454/facebook-retires-i...
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The hard part about using a credit card is trusting the merchant to be perfectly secure.
The difference is that stolen bitcoin equates to a permanent loss of funds while a stolen credit card number equates to a customer service phone call.
Most credit card issuers don't let you charge back transactions older than 60 days. It is always fun to discover this fact after a merchant invents believable excuses to stall your order for 60+ days... ("Warehouse stock depleted, wait 4-6 weeks. We shipped it! Sorry we shipped the wrong item!")
Merchants can dispute chargebacks, and in fact do win 40% of them. See page 12 of http://bit.ly/10iW5wJ A lot of this is friendly fraud but still...
CC issuers will typically hold you liable and refuse chargebacks if the PIN code was used (the hacker guessed it, stole it, or cloned it). Check your CC fine print, for example: "If your Password or PIN is used in such a transaction, you will be liable for the full debt" from http://www.scotiabank.com/ca/common/pdf/borrowing/revolving_...
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The difference is that stolen bitcoin equates to a permanent loss of funds while a stolen credit card number equates to a customer service phone call.
>13.1 million identity-theft cases were reported in 2013, resulting $18 billion in losses. from https://www.javelinstrategy.com/uploads/web_brochure/1405.R_...
Seems like a good deal to me?
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Here in Canada, I can do an email money transfer to virtually any financial institution. All the recipient needs to do is bank with one that supports it and use online banking. I don't know how innovative it is, but it works relatively well. https://www.interac.ca/en/interac-etransfer/etransfer-detail
Yes, Canada is ahead. On the other hand that email money transfer incurs a transaction fee from most banks. What pisses me off is that we have a nearly ubiquitous way to send money in the physical world--a cheque. Yet, in the digital world we stumble to achieve the same. I blame the profit driven corporations as each solution incurs a transaction fee and/or a proprietary solution with no interop with other systems. M…
Has anyone tried TransferWise?
Earlier quoted context omitted.
Here in Canada, I can do an email money transfer to virtually any financial institution. All the recipient needs to do is bank with one that supports it and use online banking. I don't know how innovative it is, but it works relatively well. https://www.interac.ca/en/interac-etransfer/etransfer-detail
Yes, Canada is ahead. On the other hand that email money transfer incurs a transaction fee from most banks. What pisses me off is that we have a nearly ubiquitous way to send money in the physical world--a cheque. Yet, in the digital world we stumble to achieve the same. I blame the profit driven corporations as each solution incurs a transaction fee and/or a proprietary solution with no interop with other systems. M…
My bank allows me to set up personal payees, though I have to go into a branch to do it. It acts just like a bill payment, which I get for free. The downside is that it takes a day (if the recipient is at the same bank) or more (if they're not at the same bank).
The plus side on the email transfer is that it is virtually instant (~5 minutes usually).
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Kindel's Law: "Every new payment system rapidly transforms into an anti-fraud system."
Or the opposite, and started as an anti-fraud system (see PayPal)
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You just need a bitcoin balance and the recipient needs a bitcoin address. Which practically seems like way more friction than the three items you listed.
That's like encountering email in 1994 and dismissing it as a piece of crap because none of your friends have computers or internet access.