This is pull-based. Pingit allows A to pay B, but B does have to chase A for the payment. Whereas Payyr allows B to 'pull' payments from A after a DD is set up.
My first thought was "That's a brilliant reworking of the idea of a Direct Debit"
Then the programmer in me started thinking - this is an O(n2) solution surely? In order to collect from friend A he has to setup and approve a DD to me and then to bob, dick and Jane.
I guess they are just having someone join once with a direct debit to GoCardless, then they debit and reroute as needed. The problem with that is they are on the hook for refunds - and it's impossible to prove me and my mate have not colluded.
Which I guess is why there will be a transfer limit around 10-50 quid? But the higher you make it the more useful it is but the more risky it becomes.
I hope you guys make it work - do let us know more details / paste the link I am too lazy to find
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[ 2.7 ms ] story [ 31.6 ms ] threadWill it continue to be free beyond the experimental phase?
I guess Pingit has an advantage in that transfers take place within the same day. Direct debit takes about a week
Then the programmer in me started thinking - this is an O(n2) solution surely? In order to collect from friend A he has to setup and approve a DD to me and then to bob, dick and Jane.
I guess they are just having someone join once with a direct debit to GoCardless, then they debit and reroute as needed. The problem with that is they are on the hook for refunds - and it's impossible to prove me and my mate have not colluded.
Which I guess is why there will be a transfer limit around 10-50 quid? But the higher you make it the more useful it is but the more risky it becomes.
I hope you guys make it work - do let us know more details / paste the link I am too lazy to find