Zoompass: Canadian Mobile Payment System
Now I'm seeing a bit of web advertising for it. Looks like a soft-launch to me.
I think it's just a stored-value system (like a prepaid credit card) integrated with Paypass. The difference with Zoompass and a prepaid reloadable Mastercard is that Zoompass:
- Allows you to send money to other Zoompass users, reload and check your balance through a mobile web application
- Well, that's the only difference it seems
It is being launched by several of Canada's cell phone companies. It seems to me that they're trying to compete with Paypal, and I think they'll have a hard time getting the critical mass required.
I don't think Paypal ever really caught on as a personal money transfer system between friends or co-workers, cash and cheques work fine for that. I don't see why people would use a clunky cell phone application for this.
ZoomPass Isn't Quite the Convergence Device I Had Hoped For
It doesn't look like the Paypasses are actually integrated into the phones, they have a separate Mastercard for that. It seems that the phone part of the company is just a web application that lets you transfer money to your friends etc. that have these accounts. No integration with Paypal as far as I can see. I'll bet that the phone companies will let you use this web application (and certainly no others) without a data plan at some point.They say that "You can send money to anyone who uses a mobile phone on the Bell, Fido, PC Mobile, Rogers, Solo Mobile, TELUS, or Virgin Mobile network." but this isn't really true. They let you send payments to people that don't have a Zoompass account, but then they'll have to sign up for Zoompass to get their money. If a friend did this to me, I'd be quite angry. Zoompass' website says: "If the recipient is not already a Zoompass member and does not set up a Zoompass account within 30 days, the money will be automatically returned to your Zoompass account."
So here are the main prices that Zoompass is charging:
| Send Money | |
| - From Zoompass Account - From Credit Card |
$0.50 3.5% |
| Receive Money | Free |
| Add Funds from Bank Account | Free |
| Withdraw Funds to Bank Account | $0.50 |
| Insufficient Funds | $10.00 |
| ATM Withdrawal – Domestic | $1.50 |
| ATM Withdrawal – International | $3.50 |
| ATM Balance Inquiry | $0.50 |
| Foreign Currency Transaction | 3.5% |
| Chargeback Fee (Invalid Dispute) | $10.00 |
| Replacement Card | $9.95 |
Anyone have any comments about Zoompass? Seem like a good deal? Bad deal? Any problems or success stories? Where do you see the service going? Where should it or should it not go?
Zoompass a scam
Waste of time. No security on the card. When you get defrauded they want a police report and a signed affidavit. You wait 45 days and they tell you that they declined the dispute. No one there after 6 on weekdays and weekends good luck getting someone in customer service in under 20min. And if you are on a weekend then it is right off. Getting rid of mine and never using it again.
Awesome
I have been using Zoompass for a while it's very good for me. It's awesome actually.
a bit skittish i think
I don't have i-phone and a bank account. I am not even sure that if we have mobile services in the remote community we live in. I think the media hype about zoompass prepaid mastercard is a bit skittish. Or a quick way to make a buck.
Credit score
I do have one question regarding Zoompass. Does it in any way help your credit score? Thank you
Mobile Cell Phone Wallets
The Canadian cell phone industry is years behind the innovation of banking service applications. Some of the best success stories come from Africa where it has taken the continent by storm, especially the poor. The "phone ladies" with their "micro credit programs" are the flagships of success here. Try this link: http://www.nextbillion.net/news/cell-phones-plug-africas-poor-into-mobile-banking
cell phone wallet
Canadian cell phone companies are horribly out of date and relative new comers to mobile banking. Some of the best mobile wallet ideas come from Africa where the services have been used for years and taking the country by storm, especially among the poor. Here is the link : http://www.nextbillion.net/news/cell-phones-plug-africas-poor-into-mobile-banking
Thank You
Dan, a huge thanks for this great public service of a site. I have been consulting it for months (mostly because I was waiting for Canadian Tire to take their prepaid card nationwide) trying to evaluate the best option for me (I'm a new arrival so no credit record!).
I could have gone with the BMO card (there are plenty of branch offices here) and might do in the future, but I went with Zoompass for a couple of reasons, one of which is that I'm already a Fido customer (so I qualify) and also because I'm now finally in need of getting the card quickly, and Zoompass looks to be quicker.
Your honest and candid comments -- and those of various others -- helped me tremendously and its a real service to those of us looking for "the straight dope" on such cards.
I'll let you know my experiences with Zoompass (though I don't anticipate any trouble!), but in the meantime I just wanted to express my appreciation for this public service. This sort of thing (cutting through the hype) is really what the internet is all about -- or should be! :)
Cheers
Chas
Zoompass
I opened up a Zoompass account a couple months ago and requested their credit card, which I never received. When I contacted them about that, I received an email, requesting me to fax them my driver's license.
zoompas
I had the same story. No card received and had in their web page that the card was sent.
When I called them , they dd the same , asking me to send my personal data by fax,
No explanation why.
I canceled my account, not happy the way how they are treating their clients.
I can imagine how bad their service will be.
Zoompass limits
$1000 is the max balance you can carry on Zoompass. So if you are trying to use it as an after bankruptcy credit card you may need a different company. If you want to use this card to book trips buy anything over $1000 it is not possible. As a smaller amount money transfer card it isn't too bad. They do keep your money for 2 days after they take it out of our account though. After it is removed from your bank account it will not show on your zoompass account for 2 days. They say it takes 2-3 days to process but really they mean it takes one day to process and they keep your money for 2 days to get a head start on collecting interest.
It seems like a good card.
It seems like a good card. If all you do is using the Mastercard for purchases, you don't pay a dime. I've recently opened a Zoompass account, will give some impressions when I'll receive the card.
Attacking NFC phones
For your reading pleasure:
Attacking NFC phones
http://events.ccc.de/congress/2008/Fahrplan/events/2639.en.html
http://events.ccc.de/congress/2008/Fahrplan/attachments/1109_collin_mulliner_eusecwest08_attacking_nfc_phones_slim.pdf
And this is only the start of the problems with NFC in mobile phones.
PayPass + ContactLess Payment Security
It is very difficult to secure hardware that is in the hands of a consumer, where they can do anything they want. I've said before, with the amount of resources spent toward pay-tv hacking/cracking (another example of the security hardware being in the hands of the consumer), I could only imagine what kind of resources would be put toward cracking these ContactLess payment systems.
Evolving area, let's talk about rewards
(First the disclosure - I'm the VP of Strategic Partnerships for EnStream, the joint venture behind Zoompass. We have pretty strict policies re: Internet postings, so you won't see any of our team doing so without identifying themselves. We don’t hide and we believe that it's important to have an open and honest dialogue out there... I'm surprised to see the fantasticly famous guitarist Fred Frith posting here - I'm a big fan "Fred" ;) )
Quick summary:
1. This is a beta - we're sharing our ideas, and learning what works and what doesn't.
2. Fees - see above. It's hard to make everything free given how expensive it is to develop and run this technology, but we're pretty pleased to be offering what we see as a darned compelling prepaid product at a very good price.
3. Technology - it's going to change, it's going to evolve. It will work - the phone and wallet will merge. It's just a matter of how and when. I think Zoompass is well on the way.
4. Product enhancements - Fred's wrong, the product and technology will evolve, it's already evolving...and yep, we're working on faster access to funds in your bank account (it's a bit tricky though)
5. Rewards - very cool idea. I've actually just finished up yet another meeting where this was suggested. We're open to ideas. What would you like to see in a prepaid rewards program? There really isn't much revenue generated through our current prepaid card model, would you be willing to pay a fee for a card in order to get rewards? Tell me what you want and I'll do my best to champion your ideas. Please feel free to post them here, on our blog, or send them to [email protected]. I will also be at Mobile Monday and Sprouter's events in Toronto this week.
Thanks for your feedback and comments – keep it coming.
Zoompass
Dan, I was the one that originally posted the "spam like" comment on your web site. First, I do not work for Zoompass, Bell, Rogers, or Telus and for full disclosure, do not own shares in any of these companies. I am an avid technology geek and signed up to the service when I first heard they launched. I do like what they did with the service and the cool mobile app and thought it would interest your readers. The service may have some limitations but that's why they launched it as a "Beta" I suspect. I actually think the fees are not bad for the service ... the money transfer fees are better than Interac's transfer service and comparable to paypal. The prepaid card is free ... not bad considering every other bank in canada screws you on prepaid card fees. Ok - now for the negative. It would be nice if the service allowed real-time transfers in and out of your bank account instead of having to setup a stored value account and wait 2 days for money to get in. I personally use prepaid cards, but I see how this might deter usage. It would also be cool if you could buy things with your phone directly at the store ... I suspect they are working on this. Finally, they should consider a loyalty program or some incentive program to get people hooked and using their card.
I am a Canadian and like seeing technology innovation like this take place in Canada. It will be interesting to see how the service evolves.
Not evolving
It won't evolve and as for using NFC( RFID) phones at retailers, that will mostly likely not happen as well. That technology is simple too insecure to used with mobile phones for purchases.
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