Use Cash Instead!
Since the invention of the banking debit cards scheme, consumers and merchants have been systematically robbed and bombarded by undeserved fees, some as much as 12% to 15% on each purchase. Thus unnecessarily raising the prices of consumer goods and enriching the banking and Wall Street goons.
When a merchant is forced by the banking pickpockets to pay these 12% to 15% high fees, he in turn is going to add the said charges to the price of his products that you are paying for!
We are charged $20 to $25 monthly service charges for depositing our money in the bank? Exactly what kind of service is the bank providing to our cash / money? Is our cash getting a daily, facial, spa and massage? While banks are making money from the depositors' deposits, why charge service charge? Because pickpocket, greedy, criminal bankers never have enough!
When did cash become so bad and inconvenient? -- And how stupid are we?
We willingly give our cash to the banking goons, so we can get a piece of plastic, a debit card, to be used for purchasing products and services we need, while we are being charge all kinds of fees for withdrawing our own money, our deposited cash in the bank?
Don't you see how stupid that is? To voluntarily give our money to a thieving bank and then pay them all kinds of fees to get it back?
We should cutout the middle man, the banking goons and start using cash. - Lets save our money and be smart, use cash instead of plastic.
Google Expected to Introduce a Wireless Payment System
- By CLAIRE CAIN MILLER - May 24, 2011 - The New York Times
Google is expected to introduce on Thursday a mobile payment system that will let shoppers wave their phones to pay instead of pulling out a credit card, according to people briefed on the announcement.
Google will offer mobile payments with MasterCard and Citibank, according to one of the people, as well as with cellphone carriers, hardware manufacturers and retailers.
Initially, the mobile wallets will be available only on Google’s Nexus S phone and will use a Citibank-issued MasterCard credit card number and a virtual Google MasterCard prepaid card. Consumers will be able to make payments at any of the 124,000 merchants that have MasterCard’s PayPass terminals, which accept contactless payments, a person briefed on the deal said.
The people familiar with the deal were not authorized to speak until the deal was publicly announced. The news of the announcement was first reported by Bloomberg News.
The three companies have also teamed up with a few retailers — Macy’s, American Eagle Outfitters and Subway, a person familiar with the deal said. After these retailers upgrade their terminals — at first, only retailers in New York and San Francisco will participate — consumers will also be able to redeem discounts and participate in loyalty programs.
While several companies have been working on mobile wallets for years, they have not yet been widely adopted because all of those involved need to agree on how the wallets will take shape and how the various stakeholders will get paid. Mobile phone carriers, banks, credit card issuers payment networks and technology companies have been battling over their roles.
“Google is dipping their toe into the water and it will accelerate other efforts from other providers,” said Rick Oglesby, a senior analyst at the Aite Group, a research and advisory firm focused on the financial services industry.
Google plans to use a technology called near-field communication, or N.F.C., which is incorporated into a chip in mobile phones to make payments, redeem coupons, earn loyalty points and receive special offers. When a phone is waved in front of a credit card reader, it wirelessly sends an encrypted signal with a person’s credit card information. After that, the transaction is processed like a normal credit card transaction at a store.
Google’s announcement has been expected since it introduced the latest version of its Android mobile phone software, which has the capacity for N.F.C., and its Nexus S phone, which includes an N.F.C. chip.
Representatives for Google, MasterCard, Citigroup and Sprint, a carrier for Google’s Nexus phones, declined to comment.