Pocket Change is a new way to transfer money electronically. initially it was a project to create a mobile app for parents to be able to remind kids to do their chores and pay them by transferring money to their debit cards. What’s come from it is a reloadable Visa debit card that links with users’ credit card, debit and bank accounts. Pocket Change is a Smartphone app which continues to monitors all of them.
Myles Binford said in a press release that “Pocket Change is a multi-functional e-wallet that will allow you to transfer funds to or from any bank account or card you link to through the software app."
Users are able to make purchases from online merchants and can transfer money to anyone with a debit card or bank account by using their e-mail address, Twitter handle or their Facebook account.
So no need to carry cash. Binford stated that “Development of this application really started when my daughter came to me and said, ‘Dad, I want allowance. I reached in my pocket and realized that I don’t carry cash anymore. So I decided to figure out a way to use my Smartphone to transfer money from my checking account onto a card that she would be able to use at school or at the mall.”
It is also true that there should be more security regarding this. The debit card can be turned on and off at anytime through the app and all online purchases made with Pocket Change are done so using a temporary CCV number, assigned at the time of purchase and valid for 20 minutes only.
He also added that “It wouldn’t matter if a card thief knew your name, your card number, your card’s expiration date, and the CCV number you used for a purchase last night. They could not make a purchase with your card this morning, as they would not have a valid three-digit CCV number. And if this patented card security protocol isn’t enough to put your mind at ease, your money and your account are 100 percent insured from loss by Visa, MasterCard, and the FDIC.”