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Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

wsj.com

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Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#21

Post by LeoPanthera »

revscat wrote: post #6
mtgx wrote: post #4

If it's "person to person", then why do the banks need to be involved? If they are involved, then it's more like "bank to bank", isn't it? > It also represents the latest attempt by banks and other providers to shift Americans away from cash and checks. The good news is that the police can't steal the cash on you anymore. The bad news is now all of your purchases will be tracked all the time.

Because access to the source and target accounts still needs to be coordinated, and the appropriate withdrawal/deposit handled. Although it is interesting to consider, we are not yet at the point where our devices hold "actual" money.

Arguably Bitcoin is there.

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#22

Post by matthewmacleod »

roymurdock wrote: post #7

Last bit of the title is "...Payment Service Like Venmo" Seems to be the latest push by Apple to integrate Apple Pay into some sort of payments ecosystem by force. Should be interesting to see if there is any compelling reason to use Apple's solution over Venmo which has a huge incumbency advantage at this point.

Seems to be the latest push by Apple to integrate Apple Pay into some sort of payments ecosystem by force.

I'm not sure why you'd consider this to be 'by force' – surely having a large market share, and offering a decent experience, are enough reasons for an ecosystem to develop because users want it?

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#23

Post by roymurdock »

toomuchtodo wrote: post #14
roymurdock wrote: post #7

Last bit of the title is "...Payment Service Like Venmo" Seems to be the latest push by Apple to integrate Apple Pay into some sort of payments ecosystem by force. Should be interesting to see if there is any compelling reason to use Apple's solution over Venmo which has a huge incumbency advantage at this point.

> Should be interesting to see if there is any compelling reason to use Apple's solution over Venmo which has a huge incumbency advantage at this point. insert chuckle here Perhaps because Apple has incredible resources compared to Venmo, no one over 30 uses Venmo, and because Apple can easily integrate with the ACH system to enable these transfers. If Apple were so inclined, they go so far as to have a banking subsi…

Paypal owns Venmo, so they have a fair amount of weight to throw around, especially in the payments/ACH space.

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#24

Post by codyb »

drcode wrote: post #12

Yes! I was just thinking: One hundred person-to-person payment services aren't enough... we need 101! Seriously though, Apple has a terrible time creating online services ( http://www.zdnet.com/article/apple-and-the-cloud-a-magnifice... ) and there is no way another entry in the "Proprietary, heavily policed, middle-man-encumbered social payment tool" is going to go anywhere.

There's plenty of mapping services and there was one predominant one, and yet Apple took a huge chunk of that market from Google just by having their maps preinstalled on their phones.

Apple pay works really nicely. I could see using this new person to person service instead of Venmo if it comes preinstalled, works nicely, has Apple's generally strong privacy controls and policies, and is super simple to use.

Seems like a smart move to me on Apple's part.

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#26

Post by happyscrappy »

drcode wrote: post #12

Yes! I was just thinking: One hundred person-to-person payment services aren't enough... we need 101! Seriously though, Apple has a terrible time creating online services ( http://www.zdnet.com/article/apple-and-the-cloud-a-magnifice... ) and there is no way another entry in the "Proprietary, heavily policed, middle-man-encumbered social payment tool" is going to go anywhere.

There are a lot of encrypted messaging apps but only iMessage is actually usable, plus Apple already has your billing info.

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#27

Post by kingnothing »

archmikhail wrote: post #13
feld wrote: post #10

Earlier quoted context omitted.

> huge incumbency I've never heard of Venmo, nor have any of my tech friends.

You probably don't live in the bay area.

Which means they don't have a huge incumbency.

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#28

Post by untilHellbanned »

roymurdock wrote: post #7

Last bit of the title is "...Payment Service Like Venmo" Seems to be the latest push by Apple to integrate Apple Pay into some sort of payments ecosystem by force. Should be interesting to see if there is any compelling reason to use Apple's solution over Venmo which has a huge incumbency advantage at this point.

> Venmo which has a huge incumbency advantage at this point

Venmo vs. Apple. I'll take my chances with Apple.

Yes I realize Venmo is controlled by Paypal.

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#29

Post by codyb »

Alupis wrote: post #15
finnn wrote: post #11

Earlier quoted context omitted.

Everything Apple has ever done historically (with mobile) has been iOS-only, what possible reason would there be to suspect this would be any different?

And given the number of Android devices in the wild far, far surpasses the number of iOS devices... using this service seems like more of a hassle than not.

In NYC, iPhone users seem pretty heavily concentrated in Manhattan. This means certain groups of people are probably hanging out in nearly entirely iPhone user enclaves. [0]

[0] - http://www.businessinsider.com/android-is-for-poor-people-ma...

Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service

#30

Post by matthewmacleod »

Alupis wrote: post #15
finnn wrote: post #11

Earlier quoted context omitted.

Everything Apple has ever done historically (with mobile) has been iOS-only, what possible reason would there be to suspect this would be any different?

And given the number of Android devices in the wild far, far surpasses the number of iOS devices... using this service seems like more of a hassle than not.

And given the number of Android devices in the wild far, far surpasses the number of iOS devices

That's obviously true globally, but not for some of their more important markets. iOS and Android are roughly equivalent in the US for example, with the latter having maybe 10% more of the market – I think?

While there's no doubt that instant money transfers are particularly useful in less developed markets, it's not like it wouldn't still be a useful service in the US.

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