Money Horror

with 945 words (4 minute(s) to read)

We need money, we use money, we save money, bla bla bla. However, how we need to interact with it to pay for stuff in the real or digital world sucks. But there is still some hope on the horizon. However, it will take years until it is adopted.


I am not an expert. I study computer science and have only experience in the finance world as an customer/consumer.

NOTE: 6th April 2020, edit. marks removed text and marks added text.

debit and credit cards

Let us dive into it, with my experience today. I live in a student dormitory in the netherlands (I still study in germany) and we have an vending machine where you can pay with a credit card or cash. Well, there is the issue already. Only with a credit card. I am a student, I have no real world reasonable use for this kind of card, I only have a debit card. So this way will not work on the vending machine.

google pay and paypal

I looked closely on the vending machine and saw a Google Pay logo. Great, so lets install it and connect my cards. The cards I have are simple. I have my debit card of my local bank (which I didn’t wanted to put into Google Pay), I am currently on a trial membership on bunq, where I have a virtual debit and credit card. Additionally, I have PayPal which I can connect to Google Pay as well.

Now, the debit card of bunq cannot be connected to google pay, as there is no card number. So I tried the virtual credit card. Added it, all went fine, except I cannot pay with it in Google Pay on a terminal, only in online shops. Well, that went great. Still standing in front of the vending machine, I wanted to connect PayPal, as I use it occasionally to pay online. Added it and it showed up in Google Pay and I just need to verify it. Oh lord, now the fun part comes.

First, why do I need to verify it additionally, if I have logged in to PayPal to add it to Google Pay. Secondly, why the f**k need I to call you for verification. We are in 2020, its like requesting a damn letter for verification. But fine, I’ll try it anyway. Now I called the number and the call was hung up with the message “this message was free for you”. Ok I guess, lets see if it worked. No, it hasn’t worked. Why you ask? Because I was in the cellular network of the netherlands. So I switched to the german one, as I live just 0.5km (#+>&%$ in miles) behind the border and made another call. This put me into a holding pattern. Well, f**k them. No Fanta can for me today.

banking standards

Now you will know a few of them, like Maestro, Mastercard, Visa, girocard, .. . The issue I see from a customer and/or developers point of view, too many ways for one thing. Yes there are differences, they may have they’re points or not. But hear me up, there is something that could solve this in the future. Just two words, OPEN SOURCE. Bank systems are closed systems (most and nearly closed). Take a look at cryptocurrencies, you can exchange the currencies, you have full power over your wallet. One currency, has one system and different interfaces with the same concept in the background. If a shop doesn’t accept one currency, you exchange it. Accounts cannot be closed by a central entity, everyone can open an account and is always free to use.

fintech

Yes there a new companies like Klarna, Bunq, N26 and so on popping up on the market and get registered as an official bank. However, they cannot escape the same issues normal banks have too, they just allow us to manage our money from our phone instead of needing to go to the bank in person for some changes and they have way better apps than the banks.

servers

Yes, even serves need a break on the weekend…. wait WTF. Yes transactions are paused on the weekend. Thats like google would do a break on the weekend. There is so much automation which already filters the stuff for fraud and the emergency line is 24/7 anyways. It is just sad, that 2020 isn’t ready to transfer money any time to any other bank fast. It always freaks me out to see the transactions in pending mode, as this is not marked as “done” for me. Additionally, you need to calculate every automated repeating transaction, like rent, that it does not executed before your income arrives.

conclusion

Currently, there is not the perfect way to payments online or in the real world. There is not THE way that will work everywhere and everybody needs to have different types of payment methods in order to pay nearly everywhere. This still requires cash, even in modern countries although we are in 2020 and everybody has a phone.

I hope there will be changes on the future and we have a decentralized open-source payment method methods that can be used everywhere and anywhere and a good and fast way for currency exchanges on the go, in order to keep diversity alive. And I mean there is no perfect payment methods and never will be, open-source also means everyone can open their own implementation or start their own currency. But the current kind of payment methods widely adopted just cause more issues than they solve.