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That's my point though, you can just load a wallet like Cash, Venmo or PayPal - and you've always had that option. Maybe we're just talking past each other.
by arcticbull 4y ago
That's my point though, you can just load a wallet like Cash, Venmo or PayPal - and you've always had that option.
Maybe we're just talking past each other.
- AnthonyMouse 4y agoAll of those services accept credit cards. Because there would otherwise be too many people unwilling to give up their bank routing number. What you need is something that has irreversible transactions but also has a monthly total transfer limit and a "routing number" which is unique to the merchant and can be revoked for further transactions at any time. Ideally also something that allows people to make purchases on credit and earn "points" so it's competitive with credit cards. That way people would actually be willing to use it, instead of having to give a startup with no reputation (or a company with the foul reputation the likes of PayPal) access to their entire bank balance.
- arcticbull 4y ago> All of those services accept credit cards. Because there would otherwise be too many people unwilling to give up their bank routing number. That's not actually true, they allow both ACH and debit cards. But either way it's irrelevant, revocation risk can simply be offset with a fee. The system doesn't suddenly stop working if you can only pass on 95% of the deposited amount. Or even 90%. Or 80%. If people want it, they'll use it anyways. The thing is they don't.