Look at super-aggregators like Adyen, Wirecard and I would highly recommend BlueSnap (Global Payment Processor for eCommerce) (no affiliation to anyone of them). Companies like the above have payment processing facilities (integration) with like all the payment systems worldwide that matter, so if your customer is from Singapore and wants to use a payment system native to […]
Possible? Yes. Worth your while? Questionable! Building a payment system is no rocket science in many cases. Put people in a room, give them enough coffee, white-board markers and sugary sweet delights, and soon enough they will come up with a payment system. There are 1,900+ payment systems in the world, yet, less than 1% […]
Can a company take final payment from a credit card stored when a deposit was made, without permission?
Can they? Yes. The mechanism exists. Is it legal? Depends on the fine-print when the deposit was being made. What did you agree on. If, after the fine print, the company had no legal right to take the payment on a card that was provided for deposit, then needless to say, you have a case […]
Cash and traditional fiat money channels are still on top of the list, however, it seems, it does not seem too far fetched an idea of exchanging payments using say Ethererum or Bitcoin. And if you are worried about price volatility, you can always convert it to USDT, or similar stable coins.
How do I find the merchant name using the merchant ID? There was a transaction done, but I don’t know the details, how do I get it? I only know the MID on my bank statement.
At present this is no public database where you can query an MID (to the best of my knowledge). You may search Google to see if someone else might have had any interaction with the MID in question and posted it on internet, which Google indexed. Barring this, the only way is to ask your bank. Dispute […]
Typically no. RTGS is usually used by banks in a country to go large settlements amongst themselves. It is pretty much a localized system. In many countries the RTGS is run by the central bank or by a semi-autonomous body. The clearing of funds with the RTGS are all based on local currency.
Are payroll service providers considered to be money transmitters/money service businesses? And if not, why?
Originally, payroll companies did not need to be licensed. That is how the bulk of them operated. 100s of companies processed funds on behalf of their customers and no money transmitter licenses were required of them. However, if we look at the flow of funds, if funds are processed through them, then yes, they are […]
What would prevent a major social network from becoming a platform for a banking and payment system to replace traditional brick and mortar banks?
Nothing would prevent it. Some might argue it might be inevitable. In order for any network or group to start offering banking and payments, they would need to get licensed. Licensing in itself might not be a very difficult thing to do, but what would be required is tightening of the loose ends. KYC (Know […]
For sure (in a way). Nothing lasts for ever. Even the physical card you carry has an expiry date on it (read: obsolescence). Unlike The VHS tape or the CD player or Blockbuster, there is a very powerful and controlling lobby and industry behind money. Everyone in the credit card industry are aware that the […]
Why do so many places in Portugal not take ‘international credit cards’? I’ve never been to a country where spending is such an issue with cards.
I’ve experienced this in many countries, including Portugal, it seems the universal answers are: Taxes: Just by saying they don’t take international credit cards, they are betting on the odds that you will somehow pay in cash, and a cash based transaction is not always reported (for purposes of taxation). Settlement times: The settlement time for a […]