While I’ve had a Zoompass account for a few months now, I haven’t really had a chance to use it. I like the idea of it and just as importantly, it is a Canadian venture that as far as I can tell is based out of Toronto. This blog fits more under the ‘perfectissimo’ category rather than a review since I am writing based on how I think I will use it rather than the experience of using it.
First off, a little bit about me to understand why I am excited about it. In general, I don’t like dealing with cash but even less with debit cards. Too often have my friends been victims of debit card fraud. At the same time, the issue with using credit cards is that unless I’m checking constantly, it can sometimes be a surprise at the end of the month how much I have spent on miscelaneous expenses. Not sure about other countries, but there are quite a few services that offer “no fee” banking but one of the issues with that is the one I use in particular does not offer the ability email money transfer.
Looking at the services offered, I think that Zoompass offers a service that bridges the gaps in the financial services provided to me by the providers of my choosing. Here are some of the reasons why I am attracted to Zoompass
Transfer money to another person at a reasonable cost
Zoompass offers the everyday person the ability to securely transfer money from one person to another via money in their Zoompass account or a credit card attached to their Zoompass account. Zoompass to Zoompass transfers cost very little money. We have Email Money Transfer in Canada but for those of us who aren’t banking with the big 5 banks, the cost per transaction is quite high and quite inconvenient. Zoompass assists with this.
Act as a cash account that is integrated with PayPass and Mastercard
One of the things that I thought was very useful was the ability to use my “octopus” card (equivalent of TTC Metropass) in HK to pay for transit fares and other miscellaenous purchases. PayPass brings the same concept to Canada. It is also integrated with a Mastercard giving me maximum flexibility of payment. What I like best about this concept though is that it is truely a cash card. I like the fact that I can limit how much money is on the card. If the card is ever stolen, there’s a bit of a cap on how much money there is on the card. Also, it’s a good way to manage my incidental expenses. My issue with using cash is there its not tackable and the issue with using a credit card is that I don’t check for how much I spend until the end of the month.
A couple of things that I would like to see is the ability to transfer money to and from my credit card to Zoompass. I know that the reason why they don’t do it is for fraud prevention but it would be a nice feature nonetheless. In general, I’m paranoid attaching my personal bank account to any thing on the web and it is one of the reasons preventing me from using this more. Another thing that would be interesting and perhaps it’s just a matter of time is to use a service like Zoompass to facilitate micro financial transactions. I personally think there is a huge market opportunity there. Right now the only way you can transfer money via your mobile device is via an installed app or via the mobile app. SMS money transfer would also be an awesome service although I would be quite curious to see how they would deal with stolen phones or wrongful access of your phone.
I love the potential of Zoompass and definitely hope that it lives up to its promise.