Product Q&A 2-3pm Monday 30th March

General Discussion
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Hi all,

This months product Q&A will be at 2-3pm on Monday 30th March.

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Hello everyone joining us on this Tally product Q&A today.
Firstly we hope everyone is dealing with the pandemic as best as they can and able to stay healthy. Secondly, we’re happy to answer questions and hear your thoughts on the product. So please fire away…

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Hi Cameron, my first question is regarding the cost of using Tally. From your knowledge, is tally the cheapest way of gaining exposure to gold? From what I understand it is as it is cheaper than buying it through an ETF. If so, how are you providing such a cheap way of holding gold? Surely if you are the cheapest this could be marketed more prominently? How does Goldmoney compare?

Thanks,

Ollie

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Hi Cameron,
What marketing strategy are you involved in to get the Tally brand to the masses?

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Hi, gold can be seen as a universal currency, do you have plans to expand your account offering internationally?

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Hi @olivermbd thanks for your question. As part of bringing innovation to money we looked at the charging model applied by banks, and foreign exchange companies. Whilst each Tally is 1 milligram of direct physical gold ownership, Tally is a private sector designed money to offer a choice other than the monopoly of fiat currency and the fractional reserve banking system. in saying all that we looked as charing models by gold trading account providers and gold storage providers. Our main point of difference in charging is that its not by transaction (Goldmoney for example charge 0.5% to transfer into gold and then 0.5% to transfer out of gold back into a fiat currency, and then they may charge storage fees).

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Hi Cameron one of the selling points and a good USP is the fact that unlike savings accounts at the present the profit from having a Tally card far exceeds returns from these savings accounts.
Would it be possible to show this profit / loss below the account total. Profit or loss is easily worked out using the following formula account total + all monies paid into the account - all monies paid out of the account.

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@jt01 Hi and welcome to the Tally community. While Gold is a great storer of value, technically it cannot be used as a universal currency. Tally however can be used as a universal currency. We absolutely do have plans to launch in other countries. Watch this space!

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hi @joeianto we have a number of grassroots digital methods that we test and adapt for Tally. Our focus has been on building the right foundations of the product as a retail banking app and also as a B2B global currency and with finite resources, we have had to operate with a limited marketing spend to date. But we’re looking to change that over the coming months.

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A post was merged into an existing topic: Shareholder Q&A 7-8pm Monday 30th March

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@Valhalla14 this question is nothing to do with the product but please feel free to get involved in the Shareholder Q&A at 7pm tonight.

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@hovis. Yeah you’re absolutely right, this is a core feature and reason to use Tally. We are churning our way through a backlog of feature requests and this is one that we are eager to get out ASAP. We should have an update on this in the next few weeks.

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Thank you for this information, and how would one be able to join this Q&A tonight ? Any guidance is much appreciated.

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@cameron-tally thank you for your response. Secondly, is there the possibility of a live chart/graph showing the performance of gold on the app and your website?

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If you email corproate@tallymoney.com we will be able to assist you with this.

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We’re looking at providing something along these lines in app, to show the performance on the customer’s tally in relation to their local fiat currency. And so they know whether they’re “up or down” from the time they deposited funds into Tally and when they might want to spend some of their Tally.