CRYTPO CARDS

[Wurundjeri]

Are there any developers in the entrepreneurial area willing to take on VISA and MasterCard and develop an all round crypto-fiat credit card in conjunction with Xrapid using XRP as the transition currency to pay for just about anything with a card with any currency on the planet. Hence turning the financial system on its head and delivering Ripple world financial domination?

[RippedFuel]

It can be easily done and all it needs is balls and giving the middle finger to all banks and financial institutions. Of course some money and key partnerships are needed but the whole idea is to use the technology available right now and make it accesible to a billion people at once, then merchants will have to get in line (long tail first) and the whole ecosystem will get in motion, unstoppable.

Iin order to do that you need to create 150 fiat tokens using the Ripple platform so people can buy stuff in their own native currency using a special wallet so consumers and merchants don't need to be subject to market volatility. That wallet will allow atomic swaps in the background between fiat currencies and crypto so people can use XRP as a vault to store their stash. Monthly conversions (payroll, consumption, outbound) to fiat will allow daily expenditures with ease while merchants (purchases, suppliers, inbound) will maintain the equilibrium of the market.

The next step in crypto world are decentralized marketplaces (like OpenBazaar) where people can trade their products and pay with crypto/fiat seamlessly, opening a new world of opportunities for new markets to emerge, new search engines, new ad platforms, etc.

I am not saying Ripple should stop courting banks if that's their vision, there is plenty of money to be made from there too. But the real innovation as exposed by OP is in allowing independence for the individual to be the owner of their own financial instruments that can be used worldwide, in any currency, in any market, without restrictions.

[RippedFuel]

Now going back to the credit card proposal, there are three paths we can take to face the giants:

- Use credit cards subjected to relations with banks and their whims
- Create a new debit card that interacts directly with Ripple
- Forget about credit cards and go mobile apps all the way

I think a hybrid between 2 and 3 may be possible creating a plastic card with a QR code that can be scanned by mobile phones and perhaps some dedicated devices that will replace credit card readers in the future.

So intermediary crypto banks will emerge that will provide such services (cards/readers/services) without interfering with the wallet ownership and total control of the user, so banks could be easily replaceable allowing for healthier competition to thrive without regulations.

Best of all, the philanthropic vision of banking the unbanked can only be achieved if we allow people without mobile phones in the third world to use a plastic crypto card with a QR code and a PIN to make purchases in their own fiat, all transacted in the background using the Ripple platform, all without bank intervention.

If anybody is interested in this idea just let me know, I've been working on a project like this for some time now.

Edited May 26, 2018 by RippedFuel

[Ripple-Stiltskin]

7 minutes ago, RippedFuel said:

It can be easily done and all it needs is balls and giving the middle finger to all banks and financial institutions. Of course some money and key partnerships are needed but the whole idea is to use the technology available right now and make it accesible to a billion people at once, then merchants will have to get in line (long tail first) and the whole ecosystem will get in motion, unstoppable.

I’m sure it will technically.

But don’t forget adoption by those billions of people. Money = Trust

Building trust take years and years and when you have it, you can lose it in a blink of the eye. Facebook had gained a lot of trust.......

[Wurundjeri]

On 5/26/2018 at 11:00 PM, RippedFuel said:

Now going back to the credit card proposal, there are three paths we can take to face the giants:

- Use credit cards subjected to relations with banks and their whims
- Create a new debit card that interacts directly with Ripple
- Forget about credit cards and go mobile apps all the way

I think a hybrid between 2 and 3 may be possible creating a plastic card with a QR code that can be scanned by mobile phones and perhaps some dedicated devices that will replace credit card readers in the future.

So intermediary crypto banks will emerge that will provide such services (cards/readers/services) without interfering with the wallet ownership and total control of the user, so banks could be easily replaceable allowing for healthier competition to thrive without regulations.

Best of all, the philanthropic vision of banking the unbanked can only be achieved if we allow people without mobile phones in the third world to use a plastic crypto card with a QR code and a PIN to make purchases in their own fiat, all transacted in the background using the Ripple platform, all without bank intervention.

If anybody is interested in this idea just let me know, I've been working on a project like this for some time now.

 

On 5/26/2018 at 11:00 PM, RippedFuel said:

Now going back to the credit card proposal, there are three paths we can take to face the giants:

- Use credit cards subjected to relations with banks and their whims
- Create a new debit card that interacts directly with Ripple
- Forget about credit cards and go mobile apps all the way

I think a hybrid between 2 and 3 may be possible creating a plastic card with a QR code that can be scanned by mobile phones and perhaps some dedicated devices that will replace credit card readers in the future.

So intermediary crypto banks will emerge that will provide such services (cards/readers/services) without interfering with the wallet ownership and total control of the user, so banks could be easily replaceable allowing for healthier competition to thrive without regulations.

Best of all, the philanthropic vision of banking the unbanked can only be achieved if we allow people without mobile phones in the third world to use a plastic crypto card with a QR code and a PIN to make purchases in their own fiat, all transacted in the background using the Ripple platform, all without bank intervention.

If anybody is interested in this idea just let me know, I've been working on a project like this for some time now.

 

[Wurundjeri]

The concept seems simple enough, the development and as you say mass adoption is the key, a lot of major models out there to follow in relation to adoption, technical ease and not being over clever would work

[RippedFuel]

1 hour ago, Wurundjeri said:

The concept seems simple enough, the development and as you say mass adoption is the key, a lot of major models out there to follow in relation to adoption, technical ease and not being over clever would work

It is simple enough because the technology is already available after years of hard work, the thing is that everybody is so distracted chasing the moon when here down on planet earth there are still trillions to be milked from global banking and world commerce.

The first thing to understand is that NOBODY will risk their business with crypto so even if that's a hard pill to swallow there is nothing we can do but to offer fiat as endpoints for commerce while doing atomic swaps in the background. So my wallet should be able to hold XRP while being able to pay with USD everywhere I go in the whole world, or EUR or JPY, and any of the 150 fiat currencies in every and each country in the world. So if you live in Mexico you should be able to pay in MXN everywhere you go and merchants should be able to take your MXN and change them to whatever asset they want, some MXN in their real bank accounts to keep paying suppliers until the whole world moves to crypto in the background while they keep using fiat in the foreground.

That's the concept, now in order to make that a reality, as you proposed in the initial post, there should be easy tools for people to spend their MXNs just like credit cards, mobile apps, or even a simple plastic card with a qr code. Those who enter that niche will reap the huge rewards VISA and MC have been enjoying for decades. Trillions upon trillions.

[RippedFuel]

Take for example this simple plastic card, nothing fancy, no chips, nfc, nothing, just a 10 cts plastic card. Now imagine we could use them in the third world where not everybody has a smartphone. load it with Zimbabwean dollars and head to the veggie shop, buy a couple of fruits and pay with it. The merchant uses a smart phone (they have the money) to scan it and their app asks for a 4 char PIN (3 wrong attempts and you're locked), on confirmation they deliver the goods.

That's banking the unbanked in a nutshell.

Now start spreading that in the first world too, using dollars or euros in the long tail shops, informal markets, taxi rides, handymen, lawn mowers, now backed by mobile apps for consumers and merchants, then things get much more interesting. That's the kind of revolution we should be working on.

 

[Wurundjeri]

Agreed, aim for the masses which on the whole generally value simplicity and ease of use, they don’t care about high end technicalities and potential - if it makes people have to think less and saves time - mass adoption done