This isn't a credit card, this is an EFTPOS card. EFTPOS stands for electronic funds transfer, point of sale.
It is the default payment method in New Zealand, and we've used it since 1985.
Most kiwis are unaware that it's unique to here and Australia.
It works like a credit card, but it takes funds directly from your bank account, and has no additional fee.
I wonder if it might be an informative case study for cryptocurrency development.
Perfuct fow boiing a munce eynd choise poi (perfect for buying a mince and cheese pie).
Thanks for posting;
there are various crypto equivalents, PayGo is one, the difference being of course, you don't need a bank account, spending fractionally reserved, fiat currency.
What you have there just seems to be a universal debit card; or is there something extra that I'm missing about it?
CG
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That's more or less the gist of it. It's a little more secure than cash or a credit card. Without a pin code, it's worthless.
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I think the major difference here could be the use of the term 'universal'. If that protocol is only unique to a small region, then it doesn't help many others. I would also argue that it is something that won't really pick up in larger markets because they are very fee driven. I don't like it but the people who run those banks do.
I would use one if offered (American) but I doubt it would ever become available and I would have to get a bank account.
Nice to know that it exists though...:)
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