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Author Topic: Let the NFC games begin  (Read 906 times)
repentance
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October 26, 2011, 01:41:39 AM
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My bank has just introduced this - something similar to what people have been proposing as a possible killer app for Bitcoin.

http://www.dailytelegraph.com.au/news/its-the-end-of-the-credit-card-era/story-e6freuy9-1226175942248

Visa has licensed its Paywave technology to Google, which means that people will be able to add their Visa credit or debit card to their Google wallet as well as their Mastercard credit or debit card.  Visa has also partnered with Samsung to provide NFC payment facilities at next year's London Olympic Games.

It will be interesting to see who wins this particular battle - they're both likely to be extremely aggressive about trying to dominate the NFC payments market.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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evoorhees
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October 26, 2011, 01:50:11 AM
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Mastercard and Visa will fund the development of this technology, with zero net gain of either upon the other.

Then Bitcoin will slide right in.  Google won't care either way... USD and BTC will flow through their systems.
cypherdoc
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October 26, 2011, 01:54:32 AM
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Mastercard and Visa will fund the development of this technology, with zero net gain of either upon the other.

Then Bitcoin will slide right in.  Google won't care either way... USD and BTC will flow through their systems.

thats exactly what i was thinking.  Bitcoin's zero to insignif tx fees will not be denied.
GoWest
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October 26, 2011, 01:57:35 AM
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Bitcoin is already on the ball:

https://bitcointalk.org/index.php?topic=29490.0

repentance
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October 26, 2011, 02:19:59 AM
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Mastercard and Visa will fund the development of this technology, with zero net gain of either upon the other.

Then Bitcoin will slide right in.  Google won't care either way... USD and BTC will flow through their systems.

thats exactly what i was thinking.  Bitcoin's zero to insignif tx fees will not be denied.

A lot of people already have bank accounts with zero or low fees on normal transactions.  There are also a lot of low cost remittance services. The appeal of Bitcoin is going to be different in different locations, depending on what's already offered by conventional banking and money transmission services and the extent to which financial transactions are regulated in those jurisdictions.

People are more likely to use Bitcoin services where the cost of using licensed financial service providers is high or where regulations restrict how they can transfer their money through conventional means.  Where licensed - and therefore insured - providers already offer low-cost, efficient services, people have less reason to deal with unregulated services.  It makes more sense to target the gaps in existing services than to try to compete in areas where Bitcoin can only offer an equal or marginally better service than existing services but at considerably higher risk to the user.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
bc
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October 26, 2011, 02:34:47 AM
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Quote
If the payment is to another CBA customer, the money is transferred instantly to the nominated account. If the person is a customer of another bank, the usual processing time of one to two days applies.

Bitcoin can compete with this.

"Democracy is the original 51% attack." - Erik Voorhees
wareen
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October 26, 2011, 08:59:21 AM
 #7

A lot of people already have bank accounts with zero or low fees on normal transactions. 
That's true, but the fees for merchants are not negligible when it comes to electronic payment systems! I think in this case we have to crack the chicken and egg problem of adoption from the merchant side.

For merchants, using Bitcoin in combination with an instant and low-cost BTC->fiat conversion service can be very attractive.
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