Neo Financial — Seamless Cash Transfer

Hello-hello!

I’ve got a wonderful idea that I have seen everywhere but in Canada for some reason (and I don’t really know why).

The idea is to make a feature for Neo Money accounts to leverage NFC technology for Neo Clients to transfer money seamlessly by tapping their phones together (like sharing contacts with iPhone).

Why is this important? There’s already an ability to send money quite easy, but this feature could be groundbreaking for Canada. While digital transfers are convenient (e-transfers, sending money through the contacts with Neo), they often lack the simplicity and speed required in fast-paced, everyday interactions like splitting a bill or paying someone on the spot.

This feature could be called “Tap To Transfer” and it enables NFC transfers with Neo Money card.

It may or may not require people logged in the app (implementation inside of the app could be easier to do rather than outside of the app with Apple Wallet or Google Pay, since those services also have to be adapted in Canada).

Tapping the phones would initiate a secure connection between the two devices that would confirm both of Neo Clients, the amount to be transferred would be inputted and button “Pay” would finish the payment and send the money to other person’s Neo Money account.

Use cases?

  • Splitting bills
  • Paying someone back for small expenses
  • Making peer-to-peer payments in social environments
  • Losing the 20$ bet and sending money instantly
  • Gifting or donating
  • Micro-transactions
  • Marketplace in-person transactions
  • Carpooling/ride sharing (paying for fuel, etc.)

Security measures? Face ID, fingerprint, being logged in the app.

Benefits? Creates FOMO regarding this cool feature that nobody has, increased usage and more clients encouraged to use Neo because of how easy it is to do money transfers, it appeals to younger customers, frictionless experience.

Please let me know your feedback, I would love to brainstorm around this idea!

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Hey @Myko I love the concept of “Tap To Transfer” it definitely sounds like something that could shake up the way we do payments here in Canada. The use cases you mentioned, like splitting bills- it would make things so much easier and more seamless, especially in those fast-paced social settings.

You’re right…there’s already a lot of convenience with digital transfers, but adding this NFC feature would take it to the next level! I can see how it would be a hit.

I’m curious - If we were to implement something like this, what do you think would be the biggest challenges in making it popular here in Canada?

The biggest challenge is making sure that people understand the product and articulate the proper value as in - this is something that other banks cannot do, it appeals for younger audiences and it just looks cool that creates FOMO for other people “hey, I want to use it as well”.

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@Myko I totally agree, communicating that unique value will be key in making it stand out from everything else out there. I can definitely see how it could generate FOMO. It’s a really cool idea!

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