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PornoBug · 10-11-2002, 02:07 AM

In Australia there is a thing called a TAB Account. Hundreds of thousands of people have them - they are used for phone betting and payments in and out of your TAB account for gambling purposes (TAB stands for Totalizer Agency Board - its an old acronym which sticks locally). Typically a TAB card costs virtually nothing for the owner to operate and it's easy to place funds into it using phone banking or other more direct methods.

Trying to get my head around these new VISA regulations is fucking with my brain. People forewarned, when I was much younger and the Auto Teller and Plastic Cards such as BankCard started to appear, that one day we would become enslaved to the companies which owned the system. It appears that this is the case.

The point about the "TAB Card" mentioned above is that when people want to avail themselves of services they will often be happy to adopt VIABLE alternatives to credit cards or cash. However is there enough interest , do we as an industry have enough business acumen to develop a transparent, open and international payment system ? Just as open source software is gaining a foothold and competing against proprietary software, could open banking do the same to the banks and card cartels ?

10-11-2002, 02:07 AM
PornoBug Confirmed User Industry Role: Join Date: Oct 2002 Location: Australia Posts: 237	New Payment Systems ? In Australia there is a thing called a TAB Account. Hundreds of thousands of people have them - they are used for phone betting and payments in and out of your TAB account for gambling purposes (TAB stands for Totalizer Agency Board - its an old acronym which sticks locally). Typically a TAB card costs virtually nothing for the owner to operate and it's easy to place funds into it using phone banking or other more direct methods. Trying to get my head around these new VISA regulations is fucking with my brain. People forewarned, when I was much younger and the Auto Teller and Plastic Cards such as BankCard started to appear, that one day we would become enslaved to the companies which owned the system. It appears that this is the case. The point about the "TAB Card" mentioned above is that when people want to avail themselves of services they will often be happy to adopt VIABLE alternatives to credit cards or cash. However is there enough interest , do we as an industry have enough business acumen to develop a transparent, open and international payment system ? Just as open source software is gaining a foothold and competing against proprietary software, could open banking do the same to the banks and card cartels ?