Latest Health Hurdle: Buying Insurance Without A Bank Account
‘The consequences could be severe.’
‘The federal health law requires most Americans to carry health insurance starting next January. The presents a particular problem for those households. Most health plans accept a credit card for the first month’s premium payment and then require customers to pay monthly with a check or an electronic funds transfer from a checking account.
‘Those options won’t work for the so-called unbankables looking to purchase health coverage with federal subsidies through online insurance marketplaces, says , a director at Leavitt Partners, a firm that is advising private insurers and states on how to comply with the law. “You don’t want to take these millions of unbankable people through the entire enrollment process and then at the end of line say, ‘OK, the only way you can pay for your share of the premium is with a bank account number,’ ” he says…’
So Why can’t Fund-transfer Services defeat PayPal? Because you can use PayPal’s Money Request without a bank account (I’ll tell you the trick if you ask. Hint: borrow and use your relative’s or friend’s account).
Google Admits Defeat In Its 7-Year Battle With Amazon And PayPal
‘Google just announced that is it is shutting down Google Checkout, a Web-based payments system it launched to great expectations seven years ago.
‘It will continue to offer Google Wallet and handle transactions for apps, games, music, and movies on the Google Play store. But Google is largely getting out of the business of processing payments for physical goods and services…’
Square’s new ‘Square Cash’ takes on PayPal with payments over email
‘Not long after Square announced a card reader meant to replace cash registers, it appears to have another new service in the wings: Square Cash, a service that apparently allows users to email funds directly to someone’s bank account. According to a landing page and help page spotted by TechCrunch, using the service is simple: you send an email to a friend with a dollar amount in the subject line, copying a Square email address on the message. The recipient will be asked to associate a debit card with the transfer, after which the money will be sent directly to the bank account linked to it. The sender, meanwhile, will be charged a $0.50 fee…’
Theft-Proof ATMs Invented by Jailed Thief
‘Romanian computer expert Valentin Boanta used to supply thieves with the skimmers they used to gather information to create fake bank cards and then steal cash from ATMs.
‘Boanta, 33, was caught in 2009. And now, six months into his five-year sentence, the former thief has developed a technology that would safeguard ATMs from the very attacks in which he used to participate…’