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> huge incumbency I've never heard of Venmo, nor have any of my tech friends.
You probably don't live in the bay area.
With all the available options why would you want to use a service that requires you to figure out if the other person uses an iPhone?
Well, do bear in mind that the iPhone is pretty popular – so you've probably got a decent chance of wanting to transfer money to someone with a compatible device – maybe 25% or so? Knowing Apple's UX, it'll be rather easy-to-use if it's available – so I'm not sure that the overhead of 'figuring out if the other person uses an iPhone' would be any higher than figuring out if they use Venmo or PayPal or Square or whate…
How can we assume this?
This exact thing has been tried many, many times - and sometimes to great success. What inherently makes you believe Apple's spin will be so much better than the other services and their unique problems?
The challenge Apple will face has nothing to do with UX - it will have to do with userbase.
It's likely (although not absolute) that using this service will require an iOS device. Given Android devices far outnumber iOS devices, this may pose a problem. Other services like PayPal and Square are universal services (device agnostic), and accounts are free (compared to Apple's barrier to entry which will likely cost you an iOS device).
Earlier quoted context omitted.
> 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.
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.
"Service would be rival to PayPal’s Venmo platform" It's interesting that this is the subtitle. That is not the first service I would have compared the idea to.
"Service would be rival to PayPal’s Venmo platform" It's interesting that this is the subtitle. That is not the first service I would have compared the idea to.
Sincerely curious - which is? This sounded like a direct competitor to Venmo to me.
Why do you need banks, when you can just transfer Bitcoin?
Why do you need banks, when you can just transfer Bitcoin?