PayFair - The Credit/Debit Card that promises a new level of payment flexibility

[JackH]

PayFair (http://www.payfair.eu) - Worth to note that this card is NOT a branded name based on the Visa, Mastercard, Amex, Diners interbank network. This is a STAND alone card product with its own interbank network like the CUP card from China is its own card scheme.

From PayFair's own website it says:

Wouldn't it be amazing to have just one card
that could do everything? One card to make
purchases, pay, collect loyalty points, keep
information - even use to make
payments via your mobile phone.
 
One card for supermarkets, stores, petrol
stations and using on the inter net? And, one
that can work across the world !
 
This is our vision of what payfair, the new
universal payment scheme, will be.
 
This is why payfair is the new solution for
consumers all over the world that is
reversing the traditional card models by
putting you at the centre of our solutions !
 
payfair, My Card, is your single card to
access a wide range of benefits and
services right across Europe and the World.
 
How can you get your new payfair card?
 
You can open your new account through banks
and stores within the next few months. Click
here for the latest details.

So if PayFair is so open and fair in payments, why dont we team up good ol Bitcoin with their interbank system/card scheme? According to them they are looking for acquires here: http://www.payfair.eu/acquirers and issuers here: http://www.payfair.eu/issuers

Well I am pretty sure the Bitcoin army, can make some pretty good traffic to a website issuing PayFair/Bitcoin cards, and is instantly re-loadable with Bitcoins as well as Fiat. So lets test them, are they open as they claim? Or do they just seek to become a new Visa/Mastercard company without actually "changing the world".

PS. PayFair is hooked up to the European interbank system known as SEPA, thus this card is in theory working on any ATM in the European SEPA region.

[MaxSan]

I approve this comment and think its should be done.

[fm1234]

There haven't been any updates on the PayFair site or their Facebook page in a long time, and a (from the US) Google search doesn't turn up much in the way of recent developments -- maybe it did not pan out?  

Discussion about setting up a functional Bitcoin POS system, or integrating with one that already exists, if of course a forum favourite; however, if somebody wanted to step up and build it it can be up and running within a few months of whomever steps up and spends the money does so.  As I said in this thread custom POS systems already exist in various forms, and there are numerous firms who build them, generally for less than $100k.    Maybe some of  these retiring miners could sell their systems on eBay, pool their funds and move to the next Bitcoin profit center


Frank

[JackH]

Why reinvent the wheel? Why the spending on developing a network and setting up an entire new chain of ATM's when all we need to do is to piggy back on the already existing system.

A card like PayFair is perfect, since they already have all the approvals in place, the technology in place and seems like they are also pretty well tied up in the SEPA system. Thats ALL ATM's in Europe that are connected to SEPA, which is mandatory for all banks since 2011 I think, or for sure mandatory since 2012.

PayFair upgraded their website with a "happy 2012", so we can assume they are still active. However their success is probably limited at best and with hardly any issuers and acquirers to take their card to consumers.

Its the perfect marriage between two systems that both offer new things, and both dont have a chargeback feature.

If PayFair needs clients the world of Bitcoin is that.

If Bitcoin needs a fast way into the ATM market, PayFair is that.

I am gonna give these guys a call this week. Its always worth a try since it benefits both parties. 

[Phinnaeus Gage]

Why reinvent the wheel? Why the spending on developing a network and setting up an entire new chain of ATM's when all we need to do is to piggy back on the already existing system.

A card like PayFair is perfect, since they already have all the approvals in place, the technology in place and seems like they are also pretty well tied up in the SEPA system. Thats ALL ATM's in Europe that are connected to SEPA, which is mandatory for all banks since 2011 I think, or for sure mandatory since 2012.

PayFair upgraded their website with a "happy 2012", so we can assume they are still active. However their success is probably limited at best and with hardly any issuers and acquirers to take their card to consumers.

Its the perfect marriage between two systems that both offer new things, and both dont have a chargeback feature.

If PayFair needs clients the world of Bitcoin is that.

If Bitcoin needs a fast way into the ATM market, PayFair is that.

I am gonna give these guys a call this week. Its always worth a try since it benefits both parties. 

I, for one, look forward to hearing from you what results from that conversation.

I think PayFair and BitCoin teaming up would make for a perfect marriage.

~Bruno~

[fm1234]

Jack, you make good points.   The way I see it, the issue is control:  You have no control over what PayFair (or anyone else on whom you might piggyback Bitcoin) will do when/if they see a negative press release from FinCEN about Bitcoin, or get a curious letter from a random financial regulator asking about it.   This alone is motivation enough to stay out of such an arrangement -- I speak from experience with dealing with connecting mainstream financial institutions and non-mainstream currencies.   Of course, if someone at PayFair (or any similar company) has an understanding of BTC and wants to  go "all in" with an integrated system, then this concern is mitigated, not fully, but mitigated somewhat.

By contrast, if you run the system yourself you have control over those issues and are not at anyone else's mercy.   Gas station chains and independent ATM networks are typically fairly soft sells on adding "one more card" to their accepted payment forms; with even one of the former and a handful of the latter on board you have enough of a base on which to start building a local market.   One strong local market presence will tend to spill over into others.   It's a time-consuming and work-intensive process, but this is true of almost any serious brand-building or business-expanding endeavour, isn't it?


Frank

[JackH]

Hey Frank,

I somewhat agree with your views, but running a system "yourself" does not mean you actually run it, you merely administrate it. Because once you get that letter from "authority X" you will shit your pants and shut down the ATM's in order to avoid jail time for money laundry or whatever else they will call it. E-gold is a perfect example of a guy being forced into the abyss despite his intentions of keeping it all up and running.

The aim of this is not to allow other issuers to control anything, its simply spreading Bitcoin to markets which are not familiar with its perks and at the same time gaining more momentum for Bitcoin as a whole.

Pricing is however the strongest factor as the approach is much cheaper than starting from scratch.