Wirecard Explains How Virtual Banking Will Work

[thoreau]

http://www.pcmag.com/article2/0,1895,2136510,00.asp

The deal with Entropia is not Wirecard's first foray into virtual reality. The bank already operates a virtual bank branch within the Second Life, operated by members of Wirecard's customer service team out of Leipzig, Germany, according to Marsalek.

Given that Wirecard is an actual bank, it has the opportunity to provide more services than those virtual banks operated by Entropia avatars. At this point, if an Entropia member wishes to do business with one of the other banking avatars, they must hand over some of their virtual acquisitions as collateral in order to receive funds instead of receiving money outright, according to Entropia officials.

Wirecard's offerings will be designed around the bank's Internet payment service, Marsalek said. The bank will begin with a single line of business, but officials are exploring additional opportunities within Entropia.

"Wirecard Bank is able to offer … far more sustainable services … due to the fact that it's a real life bank," Marsalek said.

But real life banks are also subject to real life banking regulations. "Depending on the origin of the customer, some services or products may be restricted to certain geographic areas," Marsalek said. "The legal implications of a failed business relationship vary as well as … the service or product affected."

Marsalek downplayed concerns about the anonymity of its Entropia customers. "Even the best-known and most trusted avatar will have to reveal the real-life person behind it when it comes to certain types of services," he said.

[Vap0r]

Indeed, no more dogs running around with ATM cards! Should be interesting..

[Dan59]

"Wirecard Bank is able to offer … far more sustainable services … due to the fact that it's a real life bank," Marsalek said.

Instant withrawal to RL bank?

[Skam]

"Depending on the origin of the customer, some services or products may be restricted to certain geographic areas," <-- meaning? EU/EEC?

[Darcwire]

Originally Posted by Skam

"Depending on the origin of the customer, some services or products may be restricted to certain geographic areas," <-- meaning? EU/EEC?

As banking regulations vary from country to country - even within the EU - we may not be able to offer all kinds of services in an equal manner to everyone worldwide.

We're currently looking into the legal and regulatory aspects of different kinds of banking services which might be of interest to EU members.

As the convergence of real and virtual life services is pretty much untapped territory from a regulatory perspective, the review of the associated legal issues takes quite some time. But I'm confident to be able to provide you with an overview of the services we will be offering as well as potential restrictions on those services soon.

Cheers,
JD

[Constantine]

Originally Posted by Darcwire

As banking regulations vary from country to country - even within the EU - we may not be able to offer all kinds of services in an equal manner to everyone worldwide.

New financial advice: move to Germany.

[Ozi]

great to see developments like this. I would hope that arrangements could be made with international mony movers like Amex that would connect avatars from around the world. Amex is currently not accepted by EU, this might provide an opportunity to lure customers to your new Virtual Bank.

[Ozi]

great to see developments like this. I would hope that arrangements could be made with international money movers like Amex that would connect avatars from around the world. Amex is currently not accepted by EU, this might provide an opportunity to lure customers to your new Virtual Bank.

PS - Do I need Amex travel insurance to travel to a new planet