QR Code Payments - Auto GAU conversion

GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
I'm wondering if GM is developing a QR code based payment option. Assuming vendors, stores, and POSs had a scanner couldn't this be a way for GM to
1. Implement automatic conversions to GAU from the local currency.
2. Reduce fees and expenses net for GM & consumer by not having to use a payment processor or MasterCard.

Just a thought
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Comments

  • mr1mr1 Posts: 359 Bronze ✭✭✭
    Those are great ideas. There definitely needs to be an easier way to make payments at retail locations.
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    With auto-conversion at POSs becoming more common (e.g. tenX, Revolut), it'd be nice to hear any whispers about a solution for this in development by Goldmoney. I'm hoping that they are in the final steps (i.e. getting the OK on regulatory compliance) of making this happen with a surprise release; it should be possible (technically) to auto-convert a transaction in the local currency back against your GM account held in GAU.

    That said, the recent shift to the new Holding structure kind of eliminates the need to go from local currency directly to GAU at the POS. But if they could eliminate that subprocess of having to redeem to fiat within the holding, that'd be awesome.

    If they haven't started on this yet, it might be more feasible to scope out a startup acquisition target who has potential in auto conversions. Revolut looks promising. tenX is more crypto (with controversial ICO etc ) but also promising.... maybe there are others ... I haven't spent a bunch of time looking.
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