My best guess is that Clinkle is a phone to phone picture app.
To transfer money from one phone to another you generate a cryptographically secure message (signed by Clinkle central perhaps) containing the amount to transfer, convert it into an 2D barcode type image and display it on the screen of one phone. The other phone takes a picture of it, decodes the secure message and perhaps registers the transaction with Clinkle.
In fact, if you trust the app all that needs to be encoded is the amount to be transferred. From and to account information need only be known by the respective handsets. If you link your bank account to Clinkle then job done.
What's more if Clinkle just instructs the two banks to do the transfer the banks do the money laundering checks and Clinkle has an easy life.
Now, how does Clinkle make a buck? Transaction fees? Service subscription fees? Mobile Ads? Hmmm
To transfer money from one phone to another you generate a cryptographically secure message (signed by Clinkle central perhaps) containing the amount to transfer, convert it into an 2D barcode type image and display it on the screen of one phone. The other phone takes a picture of it, decodes the secure message and perhaps registers the transaction with Clinkle.
In fact, if you trust the app all that needs to be encoded is the amount to be transferred. From and to account information need only be known by the respective handsets. If you link your bank account to Clinkle then job done.
What's more if Clinkle just instructs the two banks to do the transfer the banks do the money laundering checks and Clinkle has an easy life.
Now, how does Clinkle make a buck? Transaction fees? Service subscription fees? Mobile Ads? Hmmm
Comments
Post a Comment