From: jRT <jrt@asiaonline.net>
Date: Mon, 2 Jan 95 08:58:31 PST
To: Samuel Kaplin <skaplin@skypoint.com>
Subject: Re: Anonymous payment scheme
In-Reply-To: <qbx1lKjqRC$2075yn@skypoint.com>
Message-ID: <Pine.3.89.9501030049.A16477-0100000@asiaonline.net>
MIME-Version: 1.0
Content-Type: text/plain



Well, I know some shops have so called 'switch' or 'smart' cards to debit 
your account, some of these are on their own credit line, others are not.

I have an account with a bank in Britain which gives me a "VISA" Card 
which is actually a 'direct-debit' card.  I can use it (and have) all 
around the world as a regular VISA card and in any 'VISA compatible' ATM.

As soon as my balance drops to zero, I can no longer use it.  And when I 
do, the money jumps out of my account immediately and can no longer be used.

This is a bank-issued card, and also acts as my ATM card to access my 
current account - there is NO charge for this.  I'm not sure exactly how 
that works.

Whether or not VISA would accept a proposal from First National 
Cyberphunks or not remains to be seen...

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> Let's suppose myself and 10,000 of my closest friends form the First
> National Cypherpunk Bank and Trust. We go through all of the hassles in
> order to be the issuer of a Master Card or Visa. Now instead of having a
> credit line, it is set up as a debit card. The card's limit is how ever
> much you have prepaid the bank in advance. Once you have hit your prepaid
> amount the card no longer gets approved. Now because everything is prepaid,
> there is no risk to me, so I'll put any name you want on the card. The
> questions I have are: