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Great to see so many new user-friendly fin-tech apps gaining traction these last few years. Revolut recently launched out of beta in Australia, and they have d

Great to see so many new user-friendly fin-tech apps gaining traction these last few years. Revolut recently launched out of beta in Australia, and they have disposable cards and virtual cards, which was a huge selling point for me. It's absurd that we had to essentially hand over the password of our bank account to random online sellers and let them pull the money out, instead of just sending them some money. It's an outdated model. With disposable cards we're one step closer to a sane system of online payments. I also don't understand why Up/Bendigo decided to disincentivise putting all my money in my Up account. IIRC they lower interest rates on your savings if you have too much in the account? Strange.

tshanmu 6y ago
Request to pay is much safer: https://www.requesttopay.co.uk/ https://www.requesttopay.co.uk/ Disposable cards just shifts the problem and still subsidises visa/mc.
- rewq4321 6y ago
  Oh that gives me hope! Thank you for sharing. I hope this sort of thing quickly becomes a standard around the world. I wonder if the web's Payment Request API has support for this? You'd think so from the name, but I can't find any details. It seems that it's just an API to hand over your bank password to the online store. Edit: Wait, this requires giving the seller my home address along with my bank details? Maybe I misunderstand. I shouldn't even have to give my name or my bank details (which can obviously be used to personally identify me) - I should be able to generate a unique code (which includes the bank's id) that I give to the seller - like with the disposable cards (except that requires my name too - and they can draw as much money as they want, which is obviously bad).
deecewan 6y ago
There is no lowering of your rates if you have too much. It's just that the bonus interest rate only applies to the first $50k you have in your Saver accounts (cumulative). I.e. if you have $51k, you'll only get the bonus interest rate on $50k of that. The remaining $1k only gets the base interest rate. You can see more on the pricing page [1] Disclosure: Up employee. Not financial advice, etc, etc. [1]: https://up.com.au/pricing/ https://up.com.au/pricing/

tshanmu 6y ago

Request to pay is much safer: https://www.requesttopay.co.uk/ https://www.requesttopay.co.uk/ Disposable cards just shifts the problem and still subsidises visa/mc.

rewq4321 6y ago
Oh that gives me hope! Thank you for sharing. I hope this sort of thing quickly becomes a standard around the world. I wonder if the web's Payment Request API has support for this? You'd think so from the name, but I can't find any details. It seems that it's just an API to hand over your bank password to the online store. Edit: Wait, this requires giving the seller my home address along with my bank details? Maybe I misunderstand. I shouldn't even have to give my name or my bank details (which can obviously be used to personally identify me) - I should be able to generate a unique code (which includes the bank's id) that I give to the seller - like with the disposable cards (except that requires my name too - and they can draw as much money as they want, which is obviously bad).

deecewan 6y ago

There is no lowering of your rates if you have too much. It's just that the bonus interest rate only applies to the first $50k you have in your Saver accounts (cumulative). I.e. if you have $51k, you'll only get the bonus interest rate on $50k of that. The remaining $1k only gets the base interest rate. You can see more on the pricing page [1] Disclosure: Up employee. Not financial advice, etc, etc. [1]: https://up.com.au/pricing/ https://up.com.au/pricing/