I had the same idea. I figured that VoIP made it cheap enough for a computer to call me whenever someone tried to charge my card, and I would have to enter a PIN on the phone before it authorized it.
If the timeout on POS card terminals is long enough (about 30-60 seconds), it's enough time for a computer to call my cell, read me the amount to be charged, then wait for me to enter a PIN (not necessarily the same PIN you use on an ATM).
A bank could offer a web interface for me to authorize a list of "always allow" merchants and their charge limits so I don't have to re-authorize supermarkets and recurring subscriptions.
And finally, an interface to list "always deny" merchants.
I like the idea of cancelling an unwanted service by shutting off the flow of money, and then calling their customer support to notify them.
In fact, I think that should be a basic human right. I shouldn't have to argue with a Customer Retention Department (something that pisses me off just in the concept alone), I should just inform them (or let my bank inform them), that I'm no longer their customer.
Me: "Hi, I've cancelled my account."
Them: "I'm sorry, I'll have to transfer you to a customer retention representative."
Me: "No, you don't understand. I've already shut off payments, I'm just giving you a courtesy call. Bye."
I've done that last thing in the UK, however I had to do it via the fraud dept. I had to report unwanted chargers from an e-tailer I'd "cancelled" my account online with as fraud.
However Barclays did make it a reasonably painless and speedy task (comparatively).
If the timeout on POS card terminals is long enough (about 30-60 seconds), it's enough time for a computer to call my cell, read me the amount to be charged, then wait for me to enter a PIN (not necessarily the same PIN you use on an ATM).
A bank could offer a web interface for me to authorize a list of "always allow" merchants and their charge limits so I don't have to re-authorize supermarkets and recurring subscriptions.
And finally, an interface to list "always deny" merchants.
I like the idea of cancelling an unwanted service by shutting off the flow of money, and then calling their customer support to notify them.
In fact, I think that should be a basic human right. I shouldn't have to argue with a Customer Retention Department (something that pisses me off just in the concept alone), I should just inform them (or let my bank inform them), that I'm no longer their customer.
Me: "Hi, I've cancelled my account."
Them: "I'm sorry, I'll have to transfer you to a customer retention representative."
Me: "No, you don't understand. I've already shut off payments, I'm just giving you a courtesy call. Bye."