N26 MoneyBeam?


#1

Hey, I was wondering about using this instant N26 to N26 payment method called MoneyBeam in Bisq? (More info here)

I see at the moment we have “Transfer with same bank”, I wonder if MoneyBeam could be used with this payment method? Seems doubtful having looked at the form for setting up this method.

And I suppose the demand for some bank-specific payment method like this is not likely to get too high.


#2

I am not sure. If you can use SEPA transfer instead, that would probably be a lot better idea, as there are more traders that are using it anyway.


#3

I assume that works only in Germany (or other N26 countries). If you can provide the basic info we could add it:

  • charge back risk
  • mandatory data fields (name, account nr,…)
  • how can the arbitrator proof transfer sent and received (is there a https webpage with the transfer history)?
  • any extra requirements?

#4

@tomatopeel Can you add input at https://github.com/bisq-network/exchange/issues/1349 ?


#5

@ManfredKarrer Yes, will reply here and paste to GitHub too:

  • Charge-back risk - probably negligible but could confirm with N26 support if necessary

  • Mandatory data fields - I’ve just realized this method is designed to work with people who are your contacts in your mobile phone. There’s the option to search for additional people by either name, e-mail or phone number. So presumably if tried over Bisq, traders would need to provide e-mail or phone number associated with their N26 account in order to discover one another for this method.

  • Proof of transfer - A MoneyBeam transfer shows up as a transaction very similar to a SEPA transfer i.e. displaying the name, IBAN, BIC and message (reason for transfer) both within the mobile app and at https://my.n26.com. The only difference is that it says “MoneyBeam” under the name, as opposed to “Outgoing Transfers” which it says for a SEPA transfer.

  • Extra consideration - regarding the “reason for payment”, it would need to be made very clear that the MoneyBeam synonym for this is the “message” which is prompted for after selecting the person to send the payment to in the app.

I’m not sure how much value there is in prioritizing the addition of such a payment method at this stage though, considering it is bank-specific. I am interested in finding a good payment method that is instant (or near enough) 7 days a week, which is why I asked about it. The problem with SEPA, at least in my experience with N26, is that they tend to take about 24 hours to process and that’s on business/banking days, so things take longer during the evenings/weekends/holidays.


#6

Great thanks for the info. Sounds all good. Will try to get it added.
Banks have to get replaced by Fintech and then Bitcoin :wink: