1994-04-08 - disposable cash VISA

Header Data

From: cort <cort@ecn.purdue.edu>
To: cypherpunks@toad.com
Message Hash: 1de7a87cbf679964447fef3454eff9da39da439579015190f0c963d225a67b09
Message ID: <199404081413.JAA13997@en.ecn.purdue.edu>
Reply To: N/A
UTC Datetime: 1994-04-08 14:13:46 UTC
Raw Date: Fri, 8 Apr 94 07:13:46 PDT

Raw message

From: cort <cort@ecn.purdue.edu>
Date: Fri, 8 Apr 94 07:13:46 PDT
To: cypherpunks@toad.com
Subject: disposable cash VISA
Message-ID: <199404081413.JAA13997@en.ecn.purdue.edu>
MIME-Version: 1.0
Content-Type: text

... along the lines of anonymous cash (and contrary to the AntiCash!) ...

What does it take to _issue_ bank cards?  Can any bank or credit union
issue bank cards?  What does it take to get the VISA or MasterCard

It _seems_ that it should be so simple to set up anonymous credit
cards.  Here is one simple scenario:

Mr. Credit Union gets VISA's approval to issue "secure" (prepaid)
VISA cards.
Mr. Credit Union has a _good_ reputation, and this reputation is
important to his business.
Mr. Credit Union sets up 1000 accounts with $500 in each account.
A bank card is associated with each account.  The name on the front
of the card is something like "Joe Cash".
Miss Customer walks into Mr. Credit Union's place of business
and buys one of these cards for cash (the green, paper kind).  She
chooses one from a fish bowl full of them (ensuring a random acct #).
The card would cost something like $505.
No exchange of names, no SS #s, no credit checks.
Miss Customer uses the card like any other VISA.  When the $500 is
gone, she "discards".

It would be easy for Mr. Credit Union to cheat. Therefore, the
reputation is important.

Why not?  Why can't _I_ sell these sorts of credit cards?  Does this
truly provide additional privacy?