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

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

#51

Post by happyscrappy »

sunnyps wrote: post #43
happyscrappy wrote: post #26

Earlier quoted context omitted.

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

Whatsapp would like to have a word with you. With iMessage you have to turn off SMS to make it really secure and once you do that you lose the ability to communicate with a large number of non-iOS users. OTOH Whatsapp is secure by default.

You don't have to shut off SMS, but it is only encrypted with another iOS device, although I am hopeful they will release an Android client as difficult as that would be.

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

#52

Post by roymurdock »

matthewmacleod wrote: post #22
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?

surely having a large market share

Having a large market share of what, the smartphone market? It's the users of the peer-to-peer payment service/application that they need, and they have 0 of those right now.

Venmo already has millions of those users (many of whom who use iPhones) due to a good UX/UI and seamless integration with all major banks/card providers. So what value does apple bring to the table if my network is already set up on Venmo?

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

#53

Post by klipt »

adpirz wrote: post #35
LeoPanthera wrote: post #9

"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.

Google Wallet?

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

#54

Post by [deleted] »

roymurdock wrote: post #46
toomuchtodo wrote: post #33

Earlier quoted context omitted.

Doesn't Apple generate more profit per quarter than Paypal does all year?

Sure, but you might have made the same argument with Facebook when it launched "Poke" (2012) and "Slingshot" (2014) in order to compete with newcomer Snapchat, and we see how that turned out due to poor execution and the incumbency factor. http://techcrunch.com/2012/12/21/facebook-poke-vs-snapchat-w... https://gigaom.com/2014/09/04/facebooks-slingshot-experiment...

[deleted]

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

#55

Post by MBCook »

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.

That article is a year old, and somewhat off. Apple's recent cloud stuff has all worked very well for me. The only spotty things are CoreData syncing (which may be deprecated, it's certainly not encouraged) and anything that touches iTunes (which is probably the oldest infrastructure they have).

Stuff they've launched since then such as iCloud Photos has been working great. Heck Apple Pay works extremely well and that's technically a 'cloud' service.

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

#56

Post by eva1984 »

jjtheblunt wrote: post #45
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.

Are you kidding? The ubiquity of very secure hardware in iPhone 6 and later phones does not present a uniquely trusted advantage, over the many clumsy-to-use earlier startups?

Venmo is quite easy to use IMO and I didn't feel it is particularly insecure because it is backed by PayPal. That being said, a lot of my friends just use Chase QuickPay to transfer money, which works really well. TBH, I don't know how a potentially device/OS restricted service is going to play here. Maybe they need better PR to educate Android users to install their app.

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

#57

Post by adpirz »

klipt wrote: post #53
adpirz wrote: post #35

Earlier quoted context omitted.

Sincerely curious - which is? This sounded like a direct competitor to Venmo to me.

Google Wallet?

Ah, makes sense. Is Google Wallet widely used, especially for person-to-person transactions? I've only ever used Venmo for that.

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

#58

Post by MBCook »

BillinghamJ wrote: post #16
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?

Perhaps Apple Music (launched on Android today) is a sign of changing times?

I doubt it. I think Apple Music is a trojan horse (much like the original iPod) to get people using their music service.

They MAY release the payment stuff for Android (so users can receive payments) but I doubt they want to be a general payment provider for Android users.

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

#59

Post by drakenot »

MBCook wrote: post #55
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.

That article is a year old, and somewhat off. Apple's recent cloud stuff has all worked very well for me. The only spotty things are CoreData syncing (which may be deprecated, it's certainly not encouraged) and anything that touches iTunes (which is probably the oldest infrastructure they have). Stuff they've launched since then such as iCloud Photos has been working great. Heck Apple Pay works extremely well and tha…

If CoreData syncing is discouraged, what is offered as its replacement?
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