BTC BUYER initiates a cash withdraw via banking app. One time Cash code & Cash PIN is provided by the bank which is valid for short time (Can be 30mins to a few hours depending on Bank).
BTC SELLER can go to any ATM from the SAME BANK to input the one time cash code & cash pin. Receipt is provided.
Buyer and seller need to co-ordinate a time via email or chat because of the small window that the codes are valid for.
Banks achieve this functionality from iphone & android apps only? So pagesigner wont work?
Can video screencast of app or screenshots be used as proof?
BTC SELLER needs to hold onto receipt for proof to show arbitrator in case scamming BTC BUYER collects the cash himself.
Bank name, Email, Extra Requirements
Suggested Max trade duration: 1 days, inline with other fast/instant payments offered on bisq?
Max Cash withdraw with this method = $500. Weekly limits may apply depending on the bank, users will need to be aware of before accepting and/or leaving offers open.
Chargeback risk: None
Privacy protection to other peer: High
Mandatory data for a transaction: one time cash code & cash pin
Duration: 30 min - few hours
Fraud risk: High
But for Bisq I believe that the transaction verification problem and the short time of the withdrawal could make it complicated to implement. We could probably overcome this if there is high volume of transactions with this payment method, but I can’t find much evidence for it. Do you have any info on its popularity?
There is a very similar system in Spain, offered by major banks.
Differences from Australia:
can be done from banks’ websites here in Spain
the codes are valid for a few days.
The biggest advantage is the speed - can be done in minutes, compared to days when doing bank transfer between different banks.
About security: this can be the major problem. Either the SMS is sent to BTC seller, so buyer will not know the code and will not be able to get the money, but the seller is is not anonymous and probably can be found and prosecuted if the bank account was hacked; or the SMS is sent to BTC buyer himself, who then passes all data to the BTC seller - but then I see no way to resolve a dispute if the seller claims that he could not withdraw because the money had already been withdrawn. He may even show the video of ATM telling him that it was already withdrawn, it still would not prove who withdrew the money - could be either buyer or seller.
Also, there are things that can fail - maybe the SMS does not arrive, maybe the sender (BTC buyer) has already exhausted his daily/weekly limit, maybe the recipient (BTC seller) cannot find an ATM or it is out of order. Difficult to prove, and prone to exploit at rapid BTC price changes - I initiate BTC sale, BTC price goes up, so I have motivation to lie that I cannot find an ATM .