[24686] in Cypherpunks
Re: Anonymous payment scheme
daemon@ATHENA.MIT.EDU (jRT)
Mon Jan 2 12:10:12 1995
Date: Tue, 3 Jan 1995 01:00:00 +0800 (HKT)
From: jRT <jrt@asiaonline.net>
To: Samuel Kaplin <skaplin@skypoint.com>
Cc: cypherpunks@toad.com
In-Reply-To: <qbx1lKjqRC$2075yn@skypoint.com>
Well, I know some shops have so called 'switch' or 'smart' cards to debit
your account, some of these are on their own credit line, others are not.
I have an account with a bank in Britain which gives me a "VISA" Card
which is actually a 'direct-debit' card. I can use it (and have) all
around the world as a regular VISA card and in any 'VISA compatible' ATM.
As soon as my balance drops to zero, I can no longer use it. And when I
do, the money jumps out of my account immediately and can no longer be used.
This is a bank-issued card, and also acts as my ATM card to access my
current account - there is NO charge for this. I'm not sure exactly how
that works.
Whether or not VISA would accept a proposal from First National
Cyberphunks or not remains to be seen...
------------------------------------------------------------------------------
jrt@AsiaOnline.Net john@AsiaOnline.Net PO Box 86141, Govt PO, Kln, HKG.
Help protect the environment : This message is made from recycled electrons
------------------------------------------------------------------------------
> Let's suppose myself and 10,000 of my closest friends form the First
> National Cypherpunk Bank and Trust. We go through all of the hassles in
> order to be the issuer of a Master Card or Visa. Now instead of having a
> credit line, it is set up as a debit card. The card's limit is how ever
> much you have prepaid the bank in advance. Once you have hit your prepaid
> amount the card no longer gets approved. Now because everything is prepaid,
> there is no risk to me, so I'll put any name you want on the card. The
> questions I have are:
