7 ms·
> GiftRocket uses my location to check I’m actually at the pub and > when my location is confirmed I get my gift. The GiftRocket > amount is transferred int
by biot 15y ago
> GiftRocket uses my location to check I’m actually at the pub and
> when my location is confirmed I get my gift. The GiftRocket
> amount is transferred into my Paypal account and I pay as normal.
So it's essentially a money transfer between two people but GiftRocket takes their vig and the recipient needs to be at a certain location (or fake the location) to receive the transfer. Depending on the percentage, this could be abused to launder money through the pretense of a gift purchase.
- kapilkale 15y agoWe're a payments company in disguise.
- pitdesi 15y agoI like that... Can you elaborate, or is it hush-hush? Also, what happens when the other person doesn't redeem? (I tried to send myself the free $5 but found the process cumbersome so I didn't redeem). There will be a lot of breakage on this product, which is potentially great for you in the short run but bad in the long run.
- nbaum5 15y agoWhat specifically was cumbersome?
- biot 15y agoYou're essentially a money transmitter and the location hook is a facade. How have you tackled the uncertainty around the Money Transmission Act? (ref: http://www.quora.com/Aaron-Greenspan/In-Fifty-Days-Payments-Innovation-Will-Stop-In-Silicon-Valley http://www.quora.com/Aaron-Greenspan/In-Fifty-Days-Payments-...)
- deleted 15y ago[deleted]