Entropia Universe Cash Card Update

[snake_eyes]

Think i'll worry about the cash card when i'm in a position to actually make use of one!

[Level]

ok so how long do I have to wait? C'mon MindArk tell us about the progress...

[NightwolfAA2k5]

I hope MA give us an announcement soon, But then, I'm not in a position where I would need a Cash Card at this time... Too broke

- Nightwolf

[Tseng]

Originally Posted by Level

ok so how long do I have to wait? C'mon MindArk tell us about the progress...

1 or 2 month ago i read something about the North York Credit Union getting sued cause of something similar (iirc North York Credit Union was also the company who wanted to bring out the EU cash cards), because they offered debit cards who wasn't backed up by any goverment/federal banks/laws or something like that (can't remember correctly, will post the link to the pdf if i find it again).

So a EU cash/debit cards seems to be in conflict with laws in some countries, so i assume that this is the reason why we still don't have a cash card (EU/PED isn't covered by any federal banking laws since PED is no currency and has no real value).

And i think no serious bank going to take this risk, so that's while it takes so long. While the delay isn't directly MindArks fault, i'd say they haven't done their homework of first researching the legal rights for such cash cards before promoting them.

[Tamn]

AWWWWW..dont do that!
U got me hopes up when I saw this thread updated...ahahha

*crawls back into cave*

[Tseng]

Ok i found the article/document i've mentioned before. It's bit older, its from 14-Sep-2006.

You can download the PDF here:
http://www.fic.gov.bc.ca/pdf/enforce...ia20060919.pdf

What it's basicly about: North York Comunity Credit Union (NYCCU) basicly offered debit/atm cards which wasn't backed up by any financial institution and not goverend by any federal/goverment laws, which was illegal (since they wasn't authorised to offer this debit cards/service). Only Banks and authorized companies are allowed to run such services and the NYCCU wasn't a bank (because banks are regulated federaly).

It's also mentioned that debit cards have to be backed up by an authorized financial instituion to ensure the payment. NYCCU had the authorization do to this kind of busines in Canada, but since it had representative such as UniClear Payment Systems and Buck's Cash Card who accepted deposits in British Columbia but they weren't authorized to accept deposits in Britsh Columbia. So this whole case is about the fact that they accepted deposits in a country they wasn't authorized to do it.

Reading that, it's easy to assume that there was even more countries (probably every country outside Canada) where they wasn't authorized to take deposits and thus created the problems with the cash cards for EU.

Some time later there was more issues, that the NYCCU cards stoped working before their expiring date (just googke for North York Credit Union debit cards, there should be plently of results for it).


So i really doubt we'll see cash cards any time soon, unless a big company is willing to do this deal with MindArk (which i personally doubt, since it's pretty risky from a credit union point of view).


Edit:
Around January 2007 is the moment on which NYCCU stoped it's busines/the debit cards stoped working (which if i remember correctly also fits to the time the EU cash cards was also canceled). But is already know that NYCCU was the company who had that deal with MindArk for the cash cards.

I'm not sure if MA stoped the cash cards before or after the issue, which isn't that important (important is that they have stoped it before some real issues happend, at least i dont know of any).

[Rumsponge]

Seeing this thread again got me thinking...

I know that there have been a lot of people who have reduced their investment in EU (chipped out), for whom this card would have come in handy to withdraw their money. But that is basically a one time thing. By that, I mean that even though they would need to make several withdrawls to get their entire amount out, once they had their money, they'd never use the card again.

From my recollection, there was going to be a setup fee, a monthly fee, and a per withdrawl fee to use the Cash Card and you pay a fee to put money into EU.

In all seriousness, how many people are there that will actually use this card? Maybe a few LA owners and some resellers might have a use for it, but I know I wouldn't. I put money in as needed and figure that I'll pull it all out when I quit.

I guess the real question is whether there is really enough of a demand to get an issuer interested?

[Tamn]

Originally Posted by Rumsponge

Seeing this thread again got me thinking...

I know that there have been a lot of people who have reduced their investment in EU (chipped out), for whom this card would have come in handy to withdraw their money. But that is basically a one time thing. By that, I mean that even though they would need to make several withdrawls to get their entire amount out, once they had their money, they'd never use the card again.

From my recollection, there was going to be a setup fee, a monthly fee, and a per withdrawl fee to use the Cash Card and you pay a fee to put money into EU.

In all seriousness, how many people are there that will actually use this card? Maybe a few LA owners and some resellers might have a use for it, but I know I wouldn't. I put money in as needed and figure that I'll pull it all out when I quit.

I guess the real question is whether there is really enough of a demand to get an issuer interested?

personally, I would have used it for smaller 100$ or so uses. I'm no big high roller, or land owner either, but I would have REALLY enjoyed the convienace of the card.

[timmmers]

Originally Posted by Rumsponge

Seeing this thread again got me thinking...

I know that there have been a lot of people who have reduced their investment in EU (chipped out), for whom this card would have come in handy to withdraw their money. But that is basically a one time thing. By that, I mean that even though they would need to make several withdrawls to get their entire amount out, once they had their money, they'd never use the card again.

From my recollection, there was going to be a setup fee, a monthly fee, and a per withdrawl fee to use the Cash Card and you pay a fee to put money into EU.

In all seriousness, how many people are there that will actually use this card? Maybe a few LA owners and some resellers might have a use for it, but I know I wouldn't. I put money in as needed and figure that I'll pull it all out when I quit.

I guess the real question is whether there is really enough of a demand to get an issuer interested?

You missed something important there maybe? Everyone seems to assume that this debit card will be exclusively for use with EU ...why would it be?
What has peds got to do with any of this either come to think of it...you won't be dealing with peds, it will be converted to dollars and come from MA accounts so that's not a problem either.

Many companies already offer cards like these and their users pay fees to use them ..a portion of that fee ends up with the company (or agent in some cases if it's a branded card)...users often aren't old enough to own any other type of card to pay for items or services online or fear using their CC for security reasons. Services like Paypal, Ukash etc wouldn't exist if there was no call for this type of thing...but you can't go into a shop with most other methods or use an ATM...the card is ideal for that even if you don't have peds in EU. If you do...well obviously it's better.

As for using a EU debit/ATM card...I would be far happier depositing a lot more, IF I knew I could get it out fast if I needed it. It's stuck in EU for months now until I could extract it..and even that isn't written in stone.

Done well, this card could make MA a lot of profit and simplify the whole process.

Personally I would like to know exactly what services are attached to this thing....we know about ATM, and probably it's got debit card facilities, but how about person to person transfers (already on other cards)...wouldn't that bugger up auctions if that were possible, and make scamming a problem?

t

[Unity]

Originally Posted by timmmers

As for using a EU debit/ATM card...I would be far happier depositing a lot more, IF I knew I could get it out fast if I needed it. It's stuck in EU for months now until I could extract it..and even that isn't written in stone.

Done well, this card could make MA a lot of profit and simplify the whole process.
t

I bet many people are thinking likewise, too bad card doesn't seem to be on priority list of MA.