The value of canonicity – Building Nubank

Re:The value of canonicity – Building Nubank by sureglymop on Saturday December 30, 2023 @04:09AM (#38813853)

The concept of these new age banks is nice. But I really think they haven't pushed it all the way yet. For example, Revolut has one-time-use credit cards. Even thinking about the possible features, there is a lot more that could be done. One time use with a predetermined amount (to be used like a gift card), in fact make every transaction a new credit card. An abstraction over the visa and mastercard networks. Also really actually good bookkeeping like with e.g. gnucash. I really feel there is a space for a hacker- and privacy-friendly new age bank product.

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Re:The value of canonicity – Building Nubank by Etheryte on Saturday December 30, 2023 @04:22AM (#38813887)

I like this idea, the downside is it would require an overhaul of the entire fintech system, every page that accepts credit cards, etc, because we'd just run out of card number space. So in essence it would amount to starting a financial network from scratch.

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Re:The value of canonicity – Building Nubank by victorbjorklund on Saturday December 30, 2023 @04:33AM (#38813925)

There are 16 numbers in a creditcard. That is a lot of potential cards. It will be a while before we run out of cards. And when we do they could just add more numbers. It isnt such a big deal.

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Re:The value of canonicity – Building Nubank by mst on Saturday December 30, 2023 @07:49AM (#38814896)

> And when we do they could just add more numbers

That's an exceedingly optimistic use of "just," I suspect.

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Re:The value of canonicity – Building Nubank by Etheryte on Saturday December 30, 2023 @05:51AM (#38814244)

You lose some digits as the bank identifier etc, so really you get 12 digits or so. The population of the world right now is a 10 digit number. It sounds like a lot of space at first glance, but it really isn't. "Just add more numbers" is what people thought when IPv4 started to run out and we all know how that is going.

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Re:The value of canonicity – Building Nubank by quickthrower2 on Saturday December 30, 2023 @04:43AM (#38813955)

Probably you’d get 8 or 12 to play with ad a bank and I think 1 is error correcting. But that is still a lot!

Problem I have with gift cards is a lot of merchants and machines refuse them. I wonder if neobanks have this issue?

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Re:The value of canonicity – Building Nubank by als0 on Saturday December 30, 2023 @05:00AM (#38814019)

Quite a few websites don't accept my Revolut or Monzo cards at all, despite being VISA/Mastercard. So there is clearly some way for them to detect these neobank cards.

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Re:The value of canonicity – Building Nubank by lmz on Saturday December 30, 2023 @05:32AM (#38814158)

It's called the BIN (card number prefix) try e.g. https://binlist.net/

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Re:The value of canonicity – Building Nubank by akokanka on Saturday December 30, 2023 @04:28AM (#38813908)

Well if BTC got adopted properly it would have been the answer. We are stuck with the system designed ages ago. No doubt it's good for government. Current Fintech can go any peasant go bust. However, normal folks have zero control over their financial security. Your always under radar especially under cashless society umbrella.

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Re:The value of canonicity – Building Nubank by maronato on Saturday December 30, 2023 @05:15AM (#38814081)

privacy.com does exactly that

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Re:The value of canonicity – Building Nubank by rodrigodlu on Saturday December 30, 2023 @05:24AM (#38814128)

Well, I'm a Nubank customer and they have now a 24h card that auto expires. On top of a permanent list of 10 virtual cards that you can rotate manually. That's what I do.

But yeah, Bank of Brazil, a boring public bank has this for ages, just the app is ugly and intuitive only for financial savvy people.

You can set number of transactions, limit per transaction, total limit of that specific virtual card, etc.

Bookkeeping is not something people usually do here. And I hope that OpenFinance, that is a Brazil Central Bank endeavour (that Nubank is also adhering), be more open to the general public, because today is more about exchanging info between banks to provide better intel whenever you need loans, etc.

With OpenFinance you can choose to share your info from one bank to another, but you can't download this information yourself. Only through downloading ofx, CSV, pdf (the existing tools) on each of your banks, a nightmare to automate.

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Re:The value of canonicity – Building Nubank by ABS on Saturday December 30, 2023 @05:27AM (#38814143)

single purchase "virtual" credit cards created on demand are available and kinda standard offering by many companies though I've never checked their availability for consumers, always had them via various B2B

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Re:The value of canonicity – Building Nubank by nine_k on Saturday December 30, 2023 @06:24AM (#38814390)

Have you tried privacy.com? Works independently of your bank. Use the Unix principle :)

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Re:The value of canonicity – Building Nubank by YoshiRulz on Saturday December 30, 2023 @06:55AM (#38814563)

Only available in the USA https://support.privacy.com/hc/en-us/articles/360050917053-C...

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