We all saw the need for PayPal. We needed a new way to transfer money online with the growth of eBay and other online marketplaces - the need was for one individual to pay another individual without letting the recipient know any of the buyer's bank information. It works great, its safe and people love it. Why not take this one step further? Why cant one person pay another person with "digital money" rather than hold the risk of carrying cash?
My idea is to create an application in which one person could simply Bluetooth a nearby person to pay off a bet. Is this feasible? Shouldn't paypal be looking into this market?
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Bluetooth,no, too insecure, at least for real money.
One could work a way to text money over the phone network, through a funds transfer service.
haha i thought of text transfer just after writing this and thinking about it some more
I just heard of this on the radio the other night (I listen to international radio in the wee hours). They are doing it in Africa at least.
How it works is if you want to send somebody money, you preload the money on your phone account at a kiosk. You send a text message with funds and a code to the recipient's phone. He or she doesn't even have to be nearby. They go to their local kiosk and retrieve the money as cash.I don't know if you can electronically accumulate those funds on your phone, or use them to buy things or pay money to other businesses but you probably can.