Zoompass – Hit or Miss?

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In general, MPW is not a fan of blogs – that said, sometimes they do throw up some interesting and conflicting views on the same theme.

In the last issue we reported on the launch of Zoompass in Canada (MPW 145). Whilst reading on a spate topic MPW came across the following. ‘While working at home today, the doorbell rang and there was a delivery from a courier. I was excited to open the package. It was from Zoompass, Canada’s first Mobile Money Transfer service and it was their Mobile Payment Contactless Sticke’.

‘The sticker that Zoompass sent me is called a ‘Zoompass Tag’ and is an NFC chip that is associated to my Zoompass mobile wallet account. Once I attach the tag to my phone, I will be able pay for purchases by swiping my phone at enabled contactless POS readers at merchants in Canada. Once the payment is purchased, my stored value account held with Zoompass will be debited and the transaction will be registered against the Zoompass mobile app on my iPhone’, wrote one enthusiastic m-payment wannabe.

Contrasting this view was the rather more ascerbic view of a more discerning blogster: ‘I have Zoompass and the Mastercard they offer. It takes days to set up. They don’t have instant account authentication using online banking. They still use PAD/ e checks and micropayments,’ he writes.

‘The sticker is another option in addition to the physical card they have but does the same thing. Zoompass needs to be loaded with money before you can spend and transfer so having the ability to load in real time from online banking is something this service will require for instant purchases.

‘They offer instant loads from credit cards but charge the consumer 3.4% to load. How many people want to pay 3.4% on one card to load another card? Bill payments and Pre-Authorized Debits with their liabilities and chargeback’s still take days for payments to clear. The internet generation wants instant transactions with no delays.’

The trial is due to last 6 months but MPW thinks that so far the jury is split.