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Gary Edwards

This 28-Year-Old's Startup Is Moving $350 Million And Wants To Completely Kill Credit Cards - Page 2 - Business Insider - 0 views

articles.businessinsider.com/...2

Banksters PayPal Square Credit-Card-Payment-Industry Dwolla Ben-Milne

shared by Gary Edwards on 15 Nov 11 - No Cached
  • The biggest difference between ideas like this and a PayPal — and PayPal is a phenomenal idea, Square is too — is that those are built on top of networks like Visa and MasterCard. We're building our own
    • Gary Edwards
      Gary Edwards on 15 Nov 11
       
      Fascinating plan for totally disrupting the Banksters Credit Card Golden Goose industry.  Good explanation of how things work, and how Dwolla will disrupt things.  PayPal and Square are based on existing credit card transaction processing system.  They make their money adding on to the basic credit card charge.  Dwolla replaces the credit card processing system with a bank direct model.   Here's the thing: Credit Cards charge sellers 3% of the transaction.  Dwolla charges a transaction fee of $0.25.  Yes, 25 Cents.
  • All banks are connected by one ACH system.  Credit card companies utilize that same system to pay off your credit card charges.  Banks internally set along that same system to move money in their own banks.  This system in its own right is riddled with flaws — tons of fraud issues and waste and delays.  If you've ever had a payment take a few days to clear, its because they're waiting on that ACH system. We want to fix that system between the banks, take out the delays and make it instant.  If we can create this ubiquitous cash layer of distribution between consumers and merchants and developers and financial institutions, that actually fixes the problem.
  • We don't believe in credit cards.  We believe in authorization and in lower cost transfers.  Our generation actually understands that when you buy sh*t, it comes out of your bank account and you have to pay for that.
  • Gary Edwards on 15 Nov 11
     
    Incredible interview with Ben Milne of Dwolla, the PayPal and Square killer that promises to take a huge chunk out of the Credit Card transaction industry.  Incredible must read!  This is page 2 out of four.  Starts at: http://bit.ly/vzVUy3 excerpt: How does Dwolla work and how is it different from PayPal? With Dwolla, payments are made directly from your bank account.  No credit or debit cards are allowed.  And because they don't exist in the system, we don't have to bring the fees into the system.  You can spend any amount of money and when you do that, the person on the other end doesn't have to pay 1, 2, 3 or 4%. They only pay $0.25 a transaction, which is especially helpful when it's $1,000, $2,000 or $5,000 transactions.  Obviously PayPal becomes very cost prohibitive with those larger transactions.   The biggest difference between ideas like this and a PayPal - and PayPal is a phenomenal idea, Square is too - is that those are built on top of networks like Visa and MasterCard. We're building our own.
Paul Merrell

Libra Is Dead: eBay, Stripe, Visa And MasterCard All Abandon Facebook's Cryptocurrency | Zero Hedge - 0 views

www.zerohedge.com/...andon-facebooks-cryptocurrency

Facebook Libra Ebay Mastercard PayPal

shared by Paul Merrell on 12 Oct 19 - No Cached
  • One week after we reported that Facebook's Libra stablecoin project, Libra, was imploding, as online payment giant PayPal quite the Libra network, we can now set the time of death to today - that's when first eBay, then Stripe and finally Mastercard all abandoned Mark Zuckerberg's pet "cryptocurrency" (which was anything but) project. As the FT reports, Ebay and Stripe became the second and third major companies in a week to drop out of Facebook’s planned cryptocurrency, following sustained political pressure and just days before the project’s backers are due to meet for their first board meeting, which may soon be empty.
Paul Merrell

Facebook unveils cryptocurrency Libra | Time - 0 views

time.com/...acebook-cryptocurrency-banking

Facebook cryptocurrency Libra Visa Uber Mastercard

shared by Paul Merrell on 20 Jun 19 - No Cached
  • As it continues to explore new business models that may work in a world focused on privacy rather than broadly sharing data online, Facebook on Tuesday revealed plans for its own global digital currency, Libra, which aims to allow users to make purchases or send money with close to zero transaction fees. Facebook said it hopes Libra will make it easier for the estimated 1.7 billion unbanked adults worldwide to access banking services and transfer money electronically. “Just as people can use their phones to message friends anywhere in the world today, with Libra, the same can be done with money — instantly, securely and at a low cost,” Facebook said in a Libra white paper.
  • Users will be able to make transactions with Libra by 2020, Facebook says, both through a standalone app called Calibra as well as with Facebook’s own family of apps. Unlike bitcoin and some similar offerings, the price of Libra is tied to low-risk assets, which should prevent the speculative behavior and wild price swings plaguing other digital currencies. The currency will be overseen by the Libra Association, a Switzerland-based collective of more than a dozen companies, including Visa, Uber and Mastercard, each of whom have invested at least $10 million in the technology. Users of Libra will pay $1 to use Libra which will sit in a bank account and earn interest which will pay the Libra Association.
Paul Merrell

EU okays 'renewed' data transfer deal, lets US firms move Europeans' private info overseas - RT News - 0 views

www.rt.com/...350289-eu-data-transfer-us

surveillance state EU safe-harbor privacy-shield NSA State-Dept.

shared by Paul Merrell on 12 Jul 16 - No Cached
  • The EU has accepted a new version of the so-called Private Shield law that would allow US companies to transfer Europeans’ private data to servers across the ocean. The EU struck down the previously-reached agreement over US surveillance concerns.
  • The majority of EU members voted in support of the Privacy Shield pact with the US that had been designed to replace its predecessor, the Safe Harbor system, which the highest EU court ruled “invalid” in October 2015 following Edward Snowden’s revelations about mass US surveillance.
  • The newly-adopted agreement will come into force starting Tuesday.The deal, which is said to be aimed at protecting European citizens’ private data, defines the rules of how the sharing of information should be handled. It gives legal ground for tech companies such as Google, Facebook and MasterCard to move Europeans’ personal data to US servers bypassing an EU ban on moving personal information out from the 28-nation bloc. The agreement covers everything from private data about employees to detailed records of what people do online.“For the first time, the US has given the EU written assurance that the access of public authorities for law enforcement and national security will be subject to clear limitations, safeguards and oversight mechanisms and has ruled out indiscriminate mass surveillance of European citizens' data,” the statement said.
  • ...2 more annotations...
  • The new deal now grants greater guarantees to European customers and provides “accessible and affordable redress mechanisms” in case any disputes concerning US spying arise. An ombudsman will also be created within the US State Department to review complaints filed by EU citizens.
  • Privacy Shield, however, has also faced sharp criticism. Concerns about extensive US spying activity were raised in Europe after whistleblower Edward Snowden released a trove of controversial material on Washington’s surveillance practices.Digital rights group Privacy International (PI) said the newly-adopted pact had been drawn up on a "flawed premise" and “remains full of holes and hence offers limited protection to personal data”. 
Gary Edwards

Mobile banking pioneer mFoundry nabs $18M from MasterCard, Intel Capital and others - 1 views

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PayPal Credit-Card-Payment-Industry Dwolla Web-Money Internet-money Internet-Transcaction-Payments

shared by Gary Edwards on 05 Dec 11 - No Cached
  • Gary Edwards on 05 Dec 11
     
    Good stuff. The Internet-payment sector is really heating up: Square, PayPal, mFoundry and my favorite - DWOLLA. The credit-card-payment-industry is still in control, but you can see from the heavy investments they are making in Web based systems, that the mobility phenomenon has them concerned. Dwolla is my favorite because of the innovative way they connect direct to the bank accounts of users, cutting the transaction and reconciliation cost from credit card standard 2.75% o a FLAT $0.25 cents!!!! Outstanding. Could prove very disruptive.
  • Gary Edwards on 05 Dec 11
     
    Simple, formerly known as "BankSimple" recently won an award as one of the 20 best stratups of 2011. Backed by Visa, Simple aggregates end user bank accounts, proving a single interface. Promises to get rid of bank fees entirely, and become a NEW Mobile Bank. Not sure this can be doen with Visa sitting in the drivers seat.
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