NFC debit/credit

[jubalix]

one thing btc tech (not necessarily btc itself) i am interested in is how it can compete in the NFC space.

At the moment I am trying my banks app, and I have to say it is pretty good, secure not so much, but I can put in a passowrd, and hold my phone to a check out and its done in 20 seconds or less.

Will this be an of chain solution for btc, or some low value chain like doge that goes fast for smaller amounts and sort of ties back into BTC through a clearing gateway.

I am pretty sure my bank and the pos use a "of chain" solution, that is they pre auth smaller amounts the reconcile a whole bundle of transaction every so often.

I have to say though its pretty good.

So you think zero confirm and larger block size can meet this.

That said I don't care that much about retail pos as that's the small change of financial markerts and money supply. I am interested though as to any views here in the tech section.

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[achow101]

This is something that is fairly easy to implement. It could all happen on chain and that would be the easiest to implement. No changes would need to be made to Bitcoin at all, all of the stuff is already there. A simple solution would be to use NFC to send the buyer a Payment Request or a link to a Payment Request. Then the user just confirms the send and types in his password and the app sends the Bitcoin to the right place. All of the details that the app needs to know is contained within the Payment Request.

[Jet Cash]

I'm still resistant to NFC for cash transfers. I sent back all of my contactless cards to be exchanged for non-contactless cards, and the one bank that wouldn't do this ( Citibank ) has its card kept wrapped in tinfoil, and I don't carry it around. So far I can't see any advantage. I need to check each transaction visually, and having to enter a 4 digit code adds about a second to the transaction time. I've watched people use contactless cards, and most of them seem to just wave their card around, and they don't bother to wait for a receipt. I tend to be a bit more careful with my money. I guess I'm just an old dinosaur.

[jubalix]

i hate carrying around
keys for car
keys for house glasses,
wallet,
cards management
train card,
change
etc

the more i can get into on device the better...yeah sure single point of failure.....but so much less headache for me at least.

[Trouble821]

A company called OneBit is alpha testing an NFC debit/credit system that lets you pay with Bitcoins. It automatically converts your Bitcoin payment to your local fiat currency and sends the fiat to a creditcard payment network when you wave your phone over an NFC payment terminal.

https://www.cryptocoinsnews.com/onebit-swipe-pay-nfc-bitcoin-payment-system-enters-alpha-testing/

Readers may recall our interview with Toby Hoenisch, the CEO of OneBit, which uses near-field communication technology to utilize the MasterCard payment network with a cell phone application. A user with OneBit can pay anywhere the MasterCard swipe system is in use, using Bitcoin.

The new alpha version of the application is currently being tested in the various districts that Hoenisch and his company believe will have the most use of it.

http://www.getonebit.com/

ONEBIT is a bitcoin wallet app that lets you pay at any store with contactless mobile payment by giving you access to the creditcard payment network. We securely convert your Bitcoin on the fly into any major local currency and pay the merchant via their NFC payment terminals.

STATUS: ALPHA

1. It works!
2. Currently our alpha users are testing the app around the globe.
3. We are planning to go into closed beta soon...
Stay tuned!