Take me to the cleaners Posted August 30, 2005 Share Posted August 30, 2005 Tuesday August 30, 06:02 PM Ireland gets world's first disposable 'credit card' DUBLIN (Reuters) - If you've ever been nervous about using your credit card to order the latest bestseller online or buy roses for a loved one over the phone, an Irish bank thinks it has solved the problem. Permanent tsb said on Tuesday it will launch the world's first pre-paid, disposable credit voucher, opening up Internet and telephone shopping to those previously put off by the security implications of handing over their credit card details. In the same way that owners of pre-paid mobile phones top up their credit at shops, registered users of the new service will be able to buy vouchers for between 20 and 350 euros (14 and 239 pounds) at retail outlets. Each voucher will carry its own unique number which can then be used to shop online, by phone or by mail with any retailer who accepts cards issued by Visa. The scheme, which is the brainchild of Ireland's 3V Transactions Services Ltd, also aims to attract those who do not hold traditional credit cards. "This new voucher will enable both sets of people to avail of all the benefits of shopping online or on the telephone in a controlled, prepaid way and without any security issues," said Niall O'Grady, head of marketing at permanent tsb bank. Alphyra -- an Irish-based processor of mobile phone payments and the parent company of 3V Transactions Ltd -- said the consortium planned to roll out the facility nationwide in the coming weeks before targeting other European countries. "Within the next 12-18 months we plan to launch the product in the UK, Germany, France, Holland, Belgium, Spain, Sweden, Italy, Greece, Romania, Poland, Austria and the Czech Republic," said Seamus Minogue, head of financial services at Alphyra. Permanent tsb, the retail banking arm of Irish Life & Permanent, expects the idea to prove popular in Ireland, where 67 percent of adults do not have a credit card and those who do incur an annual government levy of 40 euros. Quote Link to comment Share on other sites More sharing options...
oracle Posted August 30, 2005 Share Posted August 30, 2005 This is actually kind of scary!!!!! I've had inklings for a while now that banks are very anxious to get cold hard cash out of the loop and replace it with "virtual" money. the reason being that it is easier to deplete someone of their wealth when they don't associate the physical transaction......you pay by plastic,it doesn't feel like money so you spend more(and get horribly in debt without realising) This is just another step down that road,it's time to be mindful. Quote Link to comment Share on other sites More sharing options...
Mushroom Posted August 30, 2005 Share Posted August 30, 2005 This is actually kind of scary!!!!!I've had inklings for a while now that banks are very anxious to get cold hard cash out of the loop and replace it with "virtual" money. the reason being that it is easier to deplete someone of their wealth when they don't associate the physical transaction......you pay by plastic,it doesn't feel like money so you spend more(and get horribly in debt without realising) This is just another step down that road,it's time to be mindful. <{POST_SNAPBACK}> The other side of the coin. A cashless society would, perhaps, decimate the Black Economy and make criminal activity much harder. I am also aware that State surveillance of one's financial activity would be more easy. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted August 30, 2005 Share Posted August 30, 2005 You'd cut burglary too... only so many tvs a heroin dealer would want... It'd be really good if you felt the governement was trustworthy enough... Quote Link to comment Share on other sites More sharing options...
erd Posted August 30, 2005 Share Posted August 30, 2005 It sounds more like what a credit card should be, ie you pay for it up front then whittle down your credit as you spend it. Not a debt card like current 'credit cards'! In principle it sounds good, but where would they make the money? I guess the retailer still pays the 1% charge (or whatever it is) when you spend money. Quote Link to comment Share on other sites More sharing options...
libitina Posted August 30, 2005 Share Posted August 30, 2005 Don't they already have these in the US? They're going to launch them here for people unable to get credit aren't they? Quote Link to comment Share on other sites More sharing options...
libitina Posted August 30, 2005 Share Posted August 30, 2005 http://www.everything-financial.co.uk/da/21211 http://www.fetch.co.uk/g/guaranteed-prepaid-debit-card.htm I don't understand why they charge interest though? Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted August 30, 2005 Share Posted August 30, 2005 The bank is not silly, no risk and around a 1.5% transaction fee charged to the retailer. Quote Link to comment Share on other sites More sharing options...
AgeingBabyBoomer Posted August 30, 2005 Share Posted August 30, 2005 The other other side of the coin - a good source of anonymous funds, in our increasingly Orwellian sociaty. Yet another side - just how much economic damage would be caused once the criminals figure out how easy they are to forge... ABB Quote Link to comment Share on other sites More sharing options...
FTB Posted August 30, 2005 Share Posted August 30, 2005 (edited) It sounds more like what a credit card should be, ie you pay for it up front then whittle down your credit as you spend it. Not a debt card like current 'credit cards'! Oooo, maybe we could call it a "Debit card" and just spend the money that's in our "bank accounts" Talk about re-invent the wheel! Edit: Before anyone says it - I understand it's mainly for the security implications - e.g. if someone nicks it there is a finite cap to the money 'on' the card. Edited August 30, 2005 by FTB Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted August 31, 2005 Share Posted August 31, 2005 what will they think of next ? throwaway cameras ? disposable anvils ? folding ceilings ? the mind boggles, then we strike with an almighty thump. Quote Link to comment Share on other sites More sharing options...
ʎqɐqɹǝʞɐɥs Posted August 31, 2005 Share Posted August 31, 2005 Tuesday August 30, 06:02 PM Ireland gets world's first disposable 'credit card' DUBLIN (Reuters) - If you've ever been nervous about using your credit card to order the latest bestseller online or buy roses for a loved one over the phone, an Irish bank thinks it has solved the problem. Permanent tsb said on Tuesday it will launch the world's first pre-paid, disposable credit voucher, opening up Internet and telephone shopping to those previously put off by the security implications of handing over their credit card details. In the same way that owners of pre-paid mobile phones top up their credit at shops, registered users of the new service will be able to buy vouchers for between 20 and 350 euros (14 and 239 pounds) at retail outlets. Each voucher will carry its own unique number which can then be used to shop online, by phone or by mail with any retailer who accepts cards issued by Visa. The scheme, which is the brainchild of Ireland's 3V Transactions Services Ltd, also aims to attract those who do not hold traditional credit cards. "This new voucher will enable both sets of people to avail of all the benefits of shopping online or on the telephone in a controlled, prepaid way and without any security issues," said Niall O'Grady, head of marketing at permanent tsb bank. Alphyra -- an Irish-based processor of mobile phone payments and the parent company of 3V Transactions Ltd -- said the consortium planned to roll out the facility nationwide in the coming weeks before targeting other European countries. "Within the next 12-18 months we plan to launch the product in the UK, Germany, France, Holland, Belgium, Spain, Sweden, Italy, Greece, Romania, Poland, Austria and the Czech Republic," said Seamus Minogue, head of financial services at Alphyra. Permanent tsb, the retail banking arm of Irish Life & Permanent, expects the idea to prove popular in Ireland, where 67 percent of adults do not have a credit card and those who do incur an annual government levy of 40 euros. <{POST_SNAPBACK}> A 'credit card' is not pre-paid. Hence the word 'credit'. Durrrrrrrr! Some people. Quote Link to comment Share on other sites More sharing options...
Losing Faith Posted August 31, 2005 Share Posted August 31, 2005 (edited) EDIT: delted it because it was a shit post (as usual you might say) Edited August 31, 2005 by Losing Faith Quote Link to comment Share on other sites More sharing options...
Losing Faith Posted August 31, 2005 Share Posted August 31, 2005 I don't get how this is cashless. It is just changing from fixed denomination IOU's (coins and paper) to variable denomination IOU's (the cards). It is still cash and can be exchanged as easily as pay-as-you-go top up cards. Quote Link to comment Share on other sites More sharing options...
ToilAndTrouble Posted August 31, 2005 Share Posted August 31, 2005 Since the introduction of pin numbers being used instead of signatures with all card transactions its now become easier to clone cards obtain the pin and then empty the accounts of victims becuase of the way the hole in the wall works! And thats not from me thats from my long time school friend who happens to be the operations manager for one of the card manufacturing companies based in the UK! [...] <{POST_SNAPBACK}> I'm afraid your friend is talking ********. If chip and pin cards were so easy to clone then the Proton stored value payment card system in Belgium would have collapsed years ago. In this system the credit is stored on the card itself and is protected from tampering/cloning by the same smartcard mechanisms as chip and pin. It uses weaker cryptographic techniques than chip and pin (EMV). To clone a chip and PIN card you need to either: - obtain the issuer's or certification authority's private key. - obtain the private key for each card cloned. I would not go so far to say this is impossible, but the first is nigh on (it would be easier to take the money from the vault) and the second is so prohibitively expensive time and money wise that it would be pointless. The ignorance surrounding smartcards is frightening and the media reporting rivalled only by the house price VI's, especially with the upcoming ID card debate. T&T Quote Link to comment Share on other sites More sharing options...
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