On Wednesday 28 December 2016 12:15:46 Chris Johnson wrote: > Easy to make payments by phone number - so the currently experienced > frequency of making and receiving calls to wrong numbers will approximate the > frequency of payments going to the wrong recipient??
Good point... and what legal entity will then have the authority to reverse the payment? Such a body would surely have to have delegated authority from all the banks? I assume this wonderful system will only "push" and not "pull" funds to/from other accounts. Will email addresses and 'phone numbers now be allocated once-only so somebody can't inherit [email protected] address when the owner changes their provider? I can't really see any advantage to ordinary users because transactions under $100 such as the $2.50 coffee are now handled using "pay-wave" and that could hardly be simpler or faster. At the other end of the scale, most people don't buy $2.5M houses very often and the property-settlement process always requires bank cheques anyway. Or is the big attraction of this proposal that it reduces the banks' responsibilities re security by interposing a third party? David L. _______________________________________________ Link mailing list [email protected] http://mailman.anu.edu.au/mailman/listinfo/link
