I’ve just seen this…is it worth having talks with the guys over there. We had the product on the shelf ready to go. How easy would it be to incorporate the platforms? Both companies would benefit.
Link for reference: https://techcrunch.com/2020/03/12/revolut-lets-you-purchase-gold/
why would Revolut want to share their profit with other company ? would you ?
That’s not good for us.
Typical Tally.
How about getting this business out there for people to find and use? How about doing something, anything, to drive user numbers?
The whole world will be overtaking us soon. This isn’t unique anymore. Get a move on for god’s sake.
Why would they be sharing profits with us? I’m saying Revolut should be like a Facebook - Instagram is a great new unique tool, lets buy it.
I’m under the assumption that if the world goes down this route of crypto/commodity back assets Tally could be worth a shit load. The product needs to work - the user base is easy to access. Ideally a conversation with someone like HSBC saying “We will be moving our customers away from financial products onto a more digital asset back by gold. No, not the gold in Fort Knox, each customer will have their own gold holding and therefore independent of currency fluctuations”
One big takeaway is that the company needs to act…if nothing is released by the end of 2020 then this is dead in the water. First Revolut, then Monzo, then Starling and all the modern banking methods have adjusted and the USP is gone.
You are well intentioned @mkx007 but financial world is too thorny if not heartless
If Tally approaches Revolut then reality is we our fishing and establishes are need, we wouldnt get much.
Best to sell mine contracts PDQ
Restructure company PDQ
Then IPO
Launch on our own
Then others can be partners but that’s secondary
Thats my view ajyway
I’ll add that selling Gold isnt a novel idea, you can do it too.
Structure behind Tally App is the main deal with transfer ability, cross border Tally transfer will be huge for Tally.
Dont need Revolut etc
Potentially another company then. If Revolut are the first mover then obviously Starling and Monzo are considering doing the same. It genuinely shocked at the speed in which conventional banks have not bothered to keep up with this movement.
What exactly are Revolut offering can you detail them please because just selling or buying gold is hardly new or even exciting
Basically…
At any time, you can convert your gold investment back into fiat currencies or cryptocurrencies. If you spend money with your Revolut card and you only have gold, Revolut will use your gold exposure automatically. You can also transfer gold exposure to another Revolut user.
According to the company’s website, Revolut charges a 0.25% markup when you trade gold during the week and a 1% markup from Saturday at midnight to Monday at midnight U.K. time.
Do I have an individual allocated Precious Metals account?
Revolut is not allocating individual Precious Metals accounts at this time. Once purchased, the Precious Metals are securely stored in a ‘pooled’ account. We maintain our own internal ledger, which records your exposure that is reflected in the Precious Metals account in your Revolut app.
Pooled accounts allow Rehypothecation.
Gold available with
Premium account £6.99 pm
Metal account £12.99 pm
Seems to be catch-all Technique
fair play there want to be a challenger bank they will offer as many products as possible.
There will be many more competitors, direct or indirect
Tally should stay simple Tally
Its simple easy and customer know its gold spending and not investment
All relies on Marketing
Agree, not a good idea to keep all your eggs in one basket. One bank for spending fiat, different one for business, different one for gold, seperate place for crypto. I haven’t got revolute but it seems to be a jack of all trades which doesn’t appeal to me.
If they have resources then they can do it.
The idea is to get as many people on board, as a challenger bank they are doing it fine I think
If you log into your own bank you will find they do far too much but we dont use all features.
Each to their own for Tally its important to get the basic right and in the words of BJ Get It Done
Of course, you can do anything with enough money. They are doing very well and it’s a good and interesting product… I just prefer to keep things separate or one company has too much control over my finances.