How hard would it be to create an online-only card network like Visa or MasterCard focused just on internet payments?
Payments
Asked by Question Bot04/Jun/20151 answer
1 Answer
F
Faisal Khan
Answered 04/Jun/2015
Barring the regulatory element of it all, i.e. licensing and banking, your main issues would be two (there are many other issues, but these two come to mind more strongly):
Personally if you ask me, there is no owning of a network. With TCP/IP and mobile mobility, payment instruments are simply added on to the wallet.
Already quite a few players are addressing the security elements. Bitcoin, Ripple, etc. are examples of a mechanism of having secure transactions, for real-time payments, my choice would be Ripple (which would allow you to have multiple currencies as well on it).
- Merchant Traction. Until and unless, you don't see 1000s of merchants accepting your payment solution, you can bet your bottom dollar, that consumers will be in no rush to go and get your cards.
- As you might have guessed it, card users will opt for it, once there is a problem your payment solution card solves. If they feel it is a genuine enough problem, they might just bite, depending on your marketing and branding.
Personally if you ask me, there is no owning of a network. With TCP/IP and mobile mobility, payment instruments are simply added on to the wallet.
Already quite a few players are addressing the security elements. Bitcoin, Ripple, etc. are examples of a mechanism of having secure transactions, for real-time payments, my choice would be Ripple (which would allow you to have multiple currencies as well on it).