Topic: Could this impact bitcoin and PayPal in the future (Read 1364 times)
If I understand it correctly, the sender needs to have a Barclay's bank account. If the recipient doesn't bank at Barclay's then the recipient needs to link some other U.K. bank account and funds from each PingIT payment are transferred there (after a delay .. next day maybe?)
This is similar to Dwolla and PopMoney in the U.S., though the differences are with Dwolla funds need to be transferred in to Dwolla first, and with PopMoney the transactions much clear through ACH first (not instant).
This could be great for those wishing to do person-to-person, over the counter trading (such as on the #bitcoin-otc marketplace). What risks exist due to reversals though is yet to be determined.
- http://www.bitcoin-otc.com
- http://webchat.freenode.net/?channels=#bitcoin-otc-foyer
My PostFinance account has allowed similar things for quite a while now, it now also has an app (with the most beneficial feature being that I can use the camera to scan bills, rather than typing them in online).
It is limited , still it's probably just a matter of time until smartphones replace cash n wallets in some form or another .
I can already do this using online banking. You can only send money to other barclays customers using this service. So no, it is in no way a competitor to Bitcoin. And as for PayPal, who gives a **** about PP anyway.
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