Re: Mobile phone based ATM & payments solution

On 05/01/2014 01:53 AM, Timothy Holborn wrote:
> Implications 1. A definition of a "wallet"

This is going to continue to be a murky term, like "identity". I suggest
we stay away from it because it always results in fairly vague,
high-level conversations about exactly what constitutes a wallet. Those
conversations almost always devolve into "well, a digital wallet can
store almost anything!"... that is, a digital wallet becomes almost
indistinguishable from a cloud storage device with a few APIs tacked on
to it.

> 2. Banking based interface for CNP (card not present) payments 
> (receipt might be adapted via www of merchant system.  How's it tag 
> the account / transaction, then link it back to a web-payments 
> account system? )

The article is pretty straight forward in how this is accomplished. You
have a mobile phone application that would perform the linkage.

> 3. If user can connect the "app id" to an online "web payments 
> enabled" profile, then A. transaction related data could be 
> facilitated to an online account B. how could a merchants online 
> environment and crm be linked to physical retail environments? C.
> KYC issue seems to be sorted?

Agree to A. B is accomplished in the same way its done today (nothing
changes). C is not true because KYC still has to be performed when the
linkage happens or pre-linkage, but then, that might be what you meant.

> Nb: web2 portals trade on user-data (insights, etc.) as part of the 
> ARPU (average revenue per user) calc.  Traditionally banking 
> relationships have not featured a great deal of profiling data, which
> could be valuable to advertisers in a similar way to the type of data
> generated in a web2 portal.

Your data is definitely sold, just not in the way Google "sells" your
data. Those with access to the transaction network do an incredible
amount of profiling and data resale.

> Who is the trusted "cloud storage" provider, and how is that 
> information made portable between providers (ie: end-user seeks to 
> take their business elsewhere).

Yep, that's the billion dollar question.

> From w3 communities perspective, I guess, we're building standards
> to minimise potential lock-ins.??

Exactly. The question is how decentralized can we take it while ensuring
that we don't destabilize the current system. If we are too aggressive,
what we're trying to do here will fail because it will be viewed as a
threat. What we're trying to do is upgrade the financial infrastructure
for the world such that it creates a more level playing field. What
we're not trying to do is put every bank and transaction processor out
of business. So, finding the right balance point is going to be
difficult. I think Bitcoin is a good example of what happens when you go
too far. That said, we want to ensure that alternatives like Bitcoin can
exist and flourish in the architectures that we're incubating here.

-- manu

-- 
Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny)
Founder/CEO - Digital Bazaar, Inc.
blog: The Marathonic Dawn of Web Payments
http://manu.sporny.org/2014/dawn-of-web-payments/

Received on Sunday, 4 May 2014 00:42:54 UTC