3 ms·

Does fednow cover all the day to day uses of checks? Can I hand someone a token of some sort that they later redeem?

by photonbeam 3y ago

toomuchtodo 3y ago
It does not replace gift cards or where you want the person to have to redeem the funds transfer at a later time, although one could build such an escrow service I suppose. SLA for delivery is no more than 20 seconds from when a transfer is initiated. When we give gifts via stationary cards, I print a QR code sticker to place in the card that fires a notification when scanned, which lets us know to Zelle the gift because the card has been read. Could be productized for sure.
- deleted 3y ago
  [deleted]
- JohnFen 3y ago
  > When we give gifts via stationary cards, I print a QR code sticker to place in the card that fires a notification when scanned, which lets us know to Zelle the gift Why not just put cash in with the card? It seems much easier and more convenient.
  - toomuchtodo 3y ago
    Too much risk of being stolen or lost in transit. Literally everyone in my network has Zelle or Wise for sending them fiat. We might have different ideas of easy and assurances.
    - JohnFen 3y ago
      > Too much risk of being stolen or lost in transit. In my experience, that risk is very, very low (at least in the US). But yes, if we're talking large amounts of money, I wouldn't put it in a card. That said, I included $500 in cash in a package last month, so my risk tolerance is likely unusually high for this sort of thing. > Literally everyone in my network has Zelle or Wise for sending them fiat. Ah, that's a bit different (do those services charge a fee, though?). In my social circle, there are only two people (that I know of) who already uses such apps. Everyone else would be pretty annoyed, and probably wouldn't bother to scan the QR code. It's interesting how much social norms can vary from group to group.

3 ms·

Does fednow cover all the day to day uses of checks? Can I hand someone a token of some sort that they later redeem?

by photonbeam 3y ago

Does fednow cover all the day to day uses of checks? Can I hand someone a token of some sort that they later redeem?

toomuchtodo 3y ago
It does not replace gift cards or where you want the person to have to redeem the funds transfer at a later time, although one could build such an escrow service I suppose. SLA for delivery is no more than 20 seconds from when a transfer is initiated. When we give gifts via stationary cards, I print a QR code sticker to place in the card that fires a notification when scanned, which lets us know to Zelle the gift because the card has been read. Could be productized for sure.
- deleted 3y ago
  [deleted]
- JohnFen 3y ago
  > When we give gifts via stationary cards, I print a QR code sticker to place in the card that fires a notification when scanned, which lets us know to Zelle the gift Why not just put cash in with the card? It seems much easier and more convenient.
  - toomuchtodo 3y ago
    Too much risk of being stolen or lost in transit. Literally everyone in my network has Zelle or Wise for sending them fiat. We might have different ideas of easy and assurances.
    - JohnFen 3y ago
      > Too much risk of being stolen or lost in transit. In my experience, that risk is very, very low (at least in the US). But yes, if we're talking large amounts of money, I wouldn't put it in a card. That said, I included $500 in cash in a package last month, so my risk tolerance is likely unusually high for this sort of thing. > Literally everyone in my network has Zelle or Wise for sending them fiat. Ah, that's a bit different (do those services charge a fee, though?). In my social circle, there are only two people (that I know of) who already uses such apps. Everyone else would be pretty annoyed, and probably wouldn't bother to scan the QR code. It's interesting how much social norms can vary from group to group.