real time balance

takman

notafan - Real Time Balances does sound a nice thing to have but i really can't see much benefit to it.

I sort technically have a real time balance on my account by the way I manage my money. I use TSB for all contactless purchases to get cashback and a credit card for all others. I then transfer the money across after each purchase from my main account.
So this a method that someone who wants a real time balance can use. But it's not very useful for me because if I decide that I need something and it's worth the money then I will buy it regardless of what my balance it.
That may sound like a bad way of handling money but I have a reputation with my friends and family for being tight with my money and taking a long time to consider a purchase before I buy it

notafan

Ballard wrote: »

should someone accidentally go through the phone line whilst digging up the road, any businesses that rely on that line wouldn't be able to use credit cards.

Using customer's phone signal doesn't really hold up. First and foremost not everyone has a mobile phone. What about Johnny Foreigner coming over on holiday? Would they be expected to pay for the data use or would overseas cards be able to be used offline?

Is there even that much of an appetite for this? It really doesn't take that much control to keep the receipt and check your balance against it. TfL don't issue receipts for contactless travel but I can't think of anywhere else that doesn't off the top of my head.

Thinking about it, TfL would be an issue. They don't charge you until the following day as it needs to check whether you've gone over the cap for the area in which you've travelled.

I give in.
its not possible, nobody will ever do it, there's no reason to change a thing :doh:

But fyi there are thousands of card machines which already run off mobile networks NOT just a landline - And a landline getting dug up would also causes issues with taking any card payments at all (as they receive and send data its not just one way).

notafan

anoncol wrote: »

Whats going to power the wifi?

mobile isnt wifi - but if you were talking about wifi on a plane - seeing as the power usually comes from the engine - if you've got a powercut on a plane you've got a bigger issue then a real time balance!

colsten

There is no business case for making all payments real time. Despite notafan saying "it" wouldn't be more expensive, the costs, when you really consider all of them, would be prohibitive. The gains would be very questionable as there couldn't possibly be an affordable 100% guarantee that all transactions would always be real time.

notafan

colsten wrote: »

There is no business case for making all payments real time. Despite notafan saying "it" wouldn't be more expensive, the costs, when you really consider all of them, would be prohibitive. The gains would be very questionable as there couldn't possibly be an affordable 100% guarantee that all transactions would always be real time.

By all means please let us all know what they are?

colsten

notafan wrote: »

By all means please let us all know what they are?

You have been given several examples already, most of which you seem to have ignored. I don't have the time and resources to price up your as yet unspecified solution but with just a little common sense it is obvious that massive infrastructure investments would be required to ensure uninterrupted availability of all the components involved. Even with huge amounts of redundancy, nobody can ever guarantee 100% availability.

And all that for what? There are many other more pressing needs for the development and deployment of technology for the benefit of consumers and businesses.

LXdaddy

OP to summarise..
Today - no
In the future - possibly

But the biggest issue is getting to "always available real-time payment systems"

I've been in a restaurant (comparatively recently) where they had to find the card imprint machine
I've also seen several cases where shops have "Sorry no credit cards today" posters at the entrance

notafan

colsten wrote: »

You have been given several examples already, most of which you seem to have ignored. I don't have the time and resources to price up your as yet unspecified solution but with just a little common sense it is obvious that massive infrastructure investments would be required to ensure uninterrupted availability of all the components involved. Even with huge amounts of redundancy, nobody can ever guarantee 100% availability.

And all that for what? There are many other more pressing needs for the development and deployment of technology for the benefit of consumers and businesses.

Actually you haven't you've given an opinion which is fine - but lets not pass it off as a fact. I'm happy to have a discussion on whats possible. I dont buy into it will not, it can not, we should not mindset.

For a lady that still uses windows xp i'm not sure your the best person to advise on what is technically possible or the implications. Regardless for someone who has in her lifetime seen the introduction of the following i would have thought you would be quite aware of advances that can be made...

Microwaves, The Pill, Jet Airliners, Comms Satellites, Drones, Computers, Laptops, Tablets, Smartphones, Games Consoles, The internet, ATM's, The current payment system, IVF, Mobile phone calls, CD's/DVD's digital film, tv & music, online banking, GPS, MRI, use of DNA, Prozac to highlight just a few.

Surely a bank being able to do real time balances isn't so far out there - especially when they do this for under 18's & debtors already Plus there's companies openly stating they are working on it and there is already innovation in payment methods - android pay, apple pay etc.

gunsandbanjos

How are banks going to provide real time balances when they don't know about a lot of transactions until they post?

bigadaj

notafan wrote: »

Actually you haven't you've given an opinion which is fine - but lets not pass it off as a fact. I'm happy to have a discussion on whats possible. I dont buy into it will not, it can not, we should not mindset.

For a lady that still uses windows xp i'm not sure your the best person to advise on what is technically possible or the implications. Regardless for someone who has in her lifetime seen the introduction of the following i would have thought you would be quite aware of advances that can be made...

Microwaves, The Pill, Jet Airliners, Comms Satellites, Drones, Computers, Laptops, Tablets, Smartphones, Games Consoles, The internet, ATM's, The current payment system, IVF, Mobile phone calls, CD's/DVD's digital film, tv & music, online banking, GPS, MRI, use of DNA, Prozac to highlight just a few.

Surely a bank being able to do real time balances isn't so far out there - especially when they do this for under 18's & debtors already Plus there's companies openly stating they are working on it and there is already innovation in payment methods - android pay, apple pay etc.

But why would they offer it or more importantly guarantee it?

Just sounds like and excuse for someone who goes overdrawn or incurs other charges to say it wasnt my fault I couldn't track my own spending, stupid bank, guve me some of the compensation.