QUOTE(tifosi @ Aug 2 2019, 03:17 PM)
No. That would not be effective. They need to encourage people to use BP and not deter them. Free top up, but charge them if they want to take out the money from BP. It's a win for BP because the money would be stuck in the ecosystem and people really use BP instead of just the gateway/intermediary of getting cash back from CC.
I've been a long advocate of that. Top up for use BP as normal instead of withdrawing. This abuse also cause the CC companies to pull back cash back because since everyone is topping up and withdraw, how la bank going to sustain.
What they can do is charge maybe like 1% or more if you want to withdraw/transfer to your bank account while offering great rates for TT to foreign account/swipe in foreign currency.
The goal of BigPay is to be a worthy competitor to bank.
If there's transfer fee/premium of let say 1% to other bank, that would not be possible for them to be a Digital Bank. That would only make them at most a prepaid card.
Agree that they would want people to keep the money in them but instead of a transfer premium, they should apply interest of some sort to encourage people to transfer in/keep the money in it.
Charging extra for foreign transfer I would not complain but local transfer would be a big no no for me.
Some oversea digital bank/multi currency prepaid card (cant recall which one at the moment) have a fee for CC topup but not for online banking/debit card. I think this is a good way to deter people from topping up via CC then withdrawing.
The usecase you are describing is perfect for prepaid card. But again... Their goal is to be a digital bank like Revolut/Monzo in europe or WeBank in China. They are not going to stay being just a prepaid card. Thus they need bank transfer to make it a "Digital Bank"
This post has been edited by joevo2: Aug 2 2019, 03:50 PM 
Aug 2 2019, 02:02 PM
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