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I like how truelayer operates. Takes me to my banking app where I authorise the payment using my bank auth. No middlemen "value-adds" -X%, no keying in card de

I like how truelayer operates. Takes me to my banking app where I authorise the payment using my bank auth. No middlemen "value-adds" -X%, no keying in card details, no crappy browser autofill and CVV. Admittedly this only seems to work via mobile at the moment and haven't seen it on the web yet. The Amazon VISA announcement shows that maybe card providers and their payment service providers are next on the disrupt list. They might go the way of the dodo.

jokethrowaway 5y ago
I like TrueLayer as well, albeit it's not free for the provider. TrueLayer is the middleman. They probably don't get as much money as CC payments though. Revolut topups / Nectar / Chip are now all using TrueLayer. On the cons side, it doesn't work so well on all devices (I had problems going from app -> browser -> app on older devices, probably because of RAM limits). Ideally, we could just have a free open-source wallet application that connects to all the different banks via Open Bank API (same as TrueLayer) and then just have a special walletOS://revolut/topup/250/gbp link in the app which opens up your wallet and allow you to send an instant bank transfer. Zero fees, zero middlemen. I've been toying with the idea of building it but it's not immediate to monetise, so I'll do it once I'm rich and bored and keep selling simpler services to business for now. You could potentially upsell a saving / personal analytics premium service once you have enough adoption or resell transaction data (even if the latter won't probably be a very popular model, given modern concerns with muh privacy) The main problem it would solve for me is that I have something like 8 different banking apps on my phone which I hate with a passion and I hate Credit/Debit Cards: sharing your single secret everytime you're paying for something is just plain retarded plus we're just enriching Visa and Mastercards, which produce zero innovation in FinTech.
- ilikerashers 5y ago
  I don't think that sounds like a bad idea at all. The payments market is massive and there is plenty of pie to go around. Smaller transaction size sites and apps that struggle with payment fees might interested in that as TrueLayer seem to focus on major players.

jokethrowaway 5y ago

I like TrueLayer as well, albeit it's not free for the provider. TrueLayer is the middleman. They probably don't get as much money as CC payments though. Revolut topups / Nectar / Chip are now all using TrueLayer. On the cons side, it doesn't work so well on all devices (I had problems going from app -> browser -> app on older devices, probably because of RAM limits). Ideally, we could just have a free open-source wallet application that connects to all the different banks via Open Bank API (same as TrueLayer) and then just have a special walletOS://revolut/topup/250/gbp link in the app which opens up your wallet and allow you to send an instant bank transfer. Zero fees, zero middlemen. I've been toying with the idea of building it but it's not immediate to monetise, so I'll do it once I'm rich and bored and keep selling simpler services to business for now. You could potentially upsell a saving / personal analytics premium service once you have enough adoption or resell transaction data (even if the latter won't probably be a very popular model, given modern concerns with muh privacy) The main problem it would solve for me is that I have something like 8 different banking apps on my phone which I hate with a passion and I hate Credit/Debit Cards: sharing your single secret everytime you're paying for something is just plain retarded plus we're just enriching Visa and Mastercards, which produce zero innovation in FinTech.

ilikerashers 5y ago
I don't think that sounds like a bad idea at all. The payments market is massive and there is plenty of pie to go around. Smaller transaction size sites and apps that struggle with payment fees might interested in that as TrueLayer seem to focus on major players.