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What is Fidorpay and how is it Relevant to P2P Lending

Fidorpay is a prepaid e-wallet that can be used via the web or mobile applications (they currently have an application to work on iPhone and Android). Once a user has transferred money to this account, he can send money to other users Fidora Pay.

Sounds like Paypal? There are important differences:

So how does the lending framework?

A user can Fidorpay "lend" any amount between 5 and 500 Euro per person. This is possible even if the recipient does not (yet) an account, but his e-mail or mobile phone number is known to the lender. Loans are interest free.They do not have a fixed term, rather than the lender may send a friend request to refund at any time. Contrary to send money, lending is not free; Fidorpay charge a single fee of 0.49 euros (about 0.68 U.S. $).

Is this loan p2p then?

It is a purely technical / infrastructure mode because it does allow a person to lend money to another person (a distance) via the Internet or mobile phone.

But this is not the p2p lending in the sense that it is most commonly used in this blog because it lacks any market and look for validation.Just a loan process that took place off-line with money given to a practical level online. If the borrower refuses to repay the loan itself does not Fidorpay reimbursement in any way.

How is it relevant to p2p loans then?

Fidora with Fidorpay shows how a level infrastructure for p2p lending could look that omits most of the traditional banking structure. Since Fidora has a banking license, certain regulatory requirements are addressed.If all lenders and borrowers would be a market p2p (required) become users Fidorpay then all payments and refunds could take place within the system Fidorpay. The process would be faster and operations could be cheaper.

Are we there yet?

Paying Via SMS? Is It Time To Ditch Paypal? | Gizmodo Australia

It's an interesting idea: Pay with your phone via SMS, instead of having to download an application and pay via your credit card. And merchants who choose to offer more (and thus save the number in their database as a client), the easier it is to get I guess. It's also probably best suited to micro-purchases, those under $ 3.00 and generally too small for most people to worry about paying by credit cards.

From what I can tell, the company, known as Mhita, works somewhat like an alternate version of Paypal, but instead uses SMS as the payment gateway and makes it easier to purchase items such as food in advance before picking.

All purchase orders are made in the phone, while the funds can be completed online or via SMS. To be honest, it all seems very 1990s, when calling the messaging technology is still fairly new at the time. And they are not alone in pursuing the idea is there: in 2006, Google filed a patent for a similar SMS technology called GPay.See the images below to see how this patent was supposed to work:

Another competitor, Dao Pay is already in 200 countries, it remains to be seen before the market size to grow and can afford to treat more than competitors.

For now, the service Mhita (which unfortunately sounds like a knockoff of a pool video hits TV show) has had only one store with the payment system in Sydney and a handful of coffeeshops in the area Canberra. Since most of these alternative payment systems - the key is having enough people to use it to be more effective.Given the choice between credit, cash and SMS, you prefer to pay with it? Tell us below.

Some take away with me have this.

You must register on the site of corporate payment SMS reload the payment system with your CC, and then use SMS to pay.

Exactly how is it easier than paying with credit card or POS? Single call is that you usually get a small discount by using this system, however, such purchases are so small I could not care a discount of 5%.

It feels like buying pre-paid mobile credit to me.

One thing I see is that if you use it for a regular coffee - coffee as the fave - then the ability to trigger a pre-order can be a nice bonus.

It should be clear direct association between you and a regular provider that you use often, but it is a potential advantage must adopt sufficiently diffuse that you have this kind of relationship available.