Payments: The end of a monopoly • Hacker News Board

Re: Payments: The end of a monopoly

#41

Post by cashmonkey85 » Thu, May 15, 2014, 4:46 PM UTC

hkmurakami wrote: post #20

kijin wrote: post #15

Earlier quoted context omitted.

> Isn't is illegal, or impossible to order online, if you dont run windows in South Korea also? So far, yes. Things are beginning to change because Chinese consumers are crowding into Korean stores, both online and offline. Even the President is concerned that the old system hurts the economy by turning away potential buyers. Guess what, one of the perks of being a semi-authoritarian culture is that if the President…

Is something like paypal for person to person fund transfers legal in South Korea? I ask, because I was surprised when my friends in Japan told me that that was illegal in japan!

It works only if you are a native born resident. Immigrants are excluded because of what PayPal says are "legal restrictions" Sucks for me because all my clients insist on PayPal

Re: Payments: The end of a monopoly

#42

Post by lukifer » Thu, May 15, 2014, 10:15 PM UTC

pbreit wrote: post #6

This article just proves that the monopoly is not going anywhere anytime soon. The Square Wallet is gone, Simple sold itself to a bank for cheap and bitcoin is still looking for a reason to exist. For starters.

Bitcoin has plenty of reason to exist, even if it never replaces federal reserve notes (and it probably won't): low-fee international transfers, a hedge against volatile local currencies, and micro-payments/micro-donations.

Re: Payments: The end of a monopoly

#43

Post by rahimnathwani » Fri, May 16, 2014, 2:23 PM UTC

hassanhassan wrote: post #12

rayiner wrote: post #4

Earlier quoted context omitted.

> make revenue from other sources (like ads or data) Just what we need, mining credit card history to target ads. :( If this is the future of payments, I'd rather have the monopoly.

The future is already here. Cardlytics (a card-linked marketing company) has partnerships with 400+ financial institutions, and claims to have insight into consumer purchase behavior for ~70% of U.S. households and ~30% of U.K. households according to their Crunchbase profile.

As far as I can tell from their web site, the customer data doesn't leave the financial institution, and the ads appear only on communication from that institution (e.g. on the credit card statement).