4 ms·

Any chance this can be iterated on and replace credit cards?

mixmastamyk 4y ago
It will replace debit cards and probably have a gateway at POS to existing bank networks. Not sure how quickly that will roll out, hopefully will not require brand new terminals across the country. It will replace the use case of using credit cards to pay immediately, but not the carrying of high interest debt case.
- bhawks 4y ago
  We just got tap and pay terminals to be ubiquitously deployed (and are still a major pain). It took a global pandemic - any point of sale rollout would be decades long.
  - mixmastamyk 4y ago
    Had those in California a year or three before the pandemic.
    - lotsofpulp 4y ago
      Walmart, Home Depot, Lowes, Fred Meyer (Kroger), and Winco (also grocery store) still do not have tap to pay, even though their terminals are capable and have the tap to pay symbol. Infuriating. Every other place I have been to has tap to pay.
      - tialaramex 4y ago
        That's crazy. I don't think teenagers in the UK ever carry physical credit cards on them. They just wave their phone at stuff. Even the people I buy pizza from, who are literally in a van, in a car park (it's the best pizza in the city, what can I say, the man may not want to run a proper sit-down restaurant but he does know how to cook a really good pizza) have tap to pay. The buses, the corner stores, everything has it.
        lotsofpulp 4y ago
        The smaller places all have tap to pay in my experience. It is the large businesses, which I listed, that do not seem to have incentive to update their systems to allow tap to pay.
  - Consultant32452 4y ago
    That just reminded me about how my CC's tap to pay spend limit was like $40 per transaction before the pandemic. That was a huge waste of a feature until the limits were raised.
    - imtringued 4y ago
      From what I recall those limits only let you skip entering the pin.
- xyst 4y ago
  banks dragged their feet getting rid of signature and switching to chip and pin I expect the roll out to banks would be slow and the roll out to consumers to be even slower.
bhawks 4y ago
Credit cards are loans and this system is about making payments. The closest thing would be a debit payment network (eg the card swiper has funds to pay immediately and is not relying on a 3rd party extending credit to them to complete the transaction).
NavinF 4y ago
Highly doubt this will allow chargebacks. Using it for normal purchases will be financially irresponsible unless the seller offers a steep discount.
fastball 4y ago
Why would I want to replace my credit cards with this?
- xyst 4y ago
  as a consumer, the only reason I can think of is goods would no longer be inflated by 3-5% (assuming a high adoption rate). as a vendor, it would be equivalent to cash so no longer need to accept physical cash which has it's own pitfalls (ie, secure transportation to bank, constantly having to keep a count, slippage)
refurb 4y ago
Why would I want to use my money when I can use the banks money to pay for things?

It will replace debit cards and probably have a gateway at POS to existing bank networks. Not sure how quickly that will roll out, hopefully will not require brand new terminals across the country. It will replace the use case of using credit cards to pay immediately, but not the carrying of high interest debt case.

bhawks 4y ago
We just got tap and pay terminals to be ubiquitously deployed (and are still a major pain). It took a global pandemic - any point of sale rollout would be decades long.
- mixmastamyk 4y ago
  Had those in California a year or three before the pandemic.
  - lotsofpulp 4y ago
    Walmart, Home Depot, Lowes, Fred Meyer (Kroger), and Winco (also grocery store) still do not have tap to pay, even though their terminals are capable and have the tap to pay symbol. Infuriating. Every other place I have been to has tap to pay.
    - tialaramex 4y ago
      That's crazy. I don't think teenagers in the UK ever carry physical credit cards on them. They just wave their phone at stuff. Even the people I buy pizza from, who are literally in a van, in a car park (it's the best pizza in the city, what can I say, the man may not want to run a proper sit-down restaurant but he does know how to cook a really good pizza) have tap to pay. The buses, the corner stores, everything has it.
      - lotsofpulp 4y ago
        The smaller places all have tap to pay in my experience. It is the large businesses, which I listed, that do not seem to have incentive to update their systems to allow tap to pay.
- Consultant32452 4y ago
  That just reminded me about how my CC's tap to pay spend limit was like $40 per transaction before the pandemic. That was a huge waste of a feature until the limits were raised.
  - imtringued 4y ago
    From what I recall those limits only let you skip entering the pin.
xyst 4y ago
banks dragged their feet getting rid of signature and switching to chip and pin I expect the roll out to banks would be slow and the roll out to consumers to be even slower.

bhawks 4y ago

Credit cards are loans and this system is about making payments. The closest thing would be a debit payment network (eg the card swiper has funds to pay immediately and is not relying on a 3rd party extending credit to them to complete the transaction).

NavinF 4y ago

Highly doubt this will allow chargebacks. Using it for normal purchases will be financially irresponsible unless the seller offers a steep discount.

fastball 4y ago

Why would I want to replace my credit cards with this?

xyst 4y ago
as a consumer, the only reason I can think of is goods would no longer be inflated by 3-5% (assuming a high adoption rate). as a vendor, it would be equivalent to cash so no longer need to accept physical cash which has it's own pitfalls (ie, secure transportation to bank, constantly having to keep a count, slippage)

refurb 4y ago

Why would I want to use my money when I can use the banks money to pay for things?