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  •   about 14 years ago

$5-$10 Dollar Transactions?

According to this article ( http://bit.ly/I4pwgs ) Mintchip will be for $5-$10 transactions... seems a little bit restrictive in the real world.... I can understand the precaution if the digital currency resides on a physical device, in case it's lost or stolen, but if it's in the cloud and only accessible with a PIN, seems like a missed opportunity to replace debit cards and ATM's altogether....

What am I missing? Does anyone know why they are restricting the amount of $? Or did I get it wrong...

  • 4 comments

  •   •   about 14 years ago

    http://developer.mintchipchallenge.com/devguide/developing/common/mintchip-messages.html
    look at the Transfer Value attribute
    MintChip will be able to send a max of $167,772.15 per transaction.
    I think the article is simply saying MintChip can be useful for small transactions.

  •   •   about 14 years ago

    Thanks Adam.

  •   •   about 14 years ago

    I highly doubt that sending $167,772.15 will be allowed, consider that EMV Paywave has a restricted amount per transaction.

  •   •   about 14 years ago

    Well- so long as the restrictions are no less than what consumers currently have with their debit cards, we should be OK....

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