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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

#61

Post by MBCook »

guelo wrote: post #5

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?

My whole family and many of my friends use iPhones.

iPhones are extremely secure thanks to TouchID and Apple's software.

Apple already has payment info for me and a good relationship with banks.

They're normally pretty great at UI and can integrate it into the OS in ways no 3rd party ever could.

It will be built into the phone and come preinstalled so I don't have to convince people to install it.

Apple shows a lot more respect for my privacy than other companies that I could see doing this (such as Facebook/Google) and isn't a company I already despise (PayPal, YMMV when it comes to despising Apple).

Let's look at this a different way: no one has cracked this potential market yet (at least in the US, just nibbling at the edges)... what makes you think Apple can't make a good play?

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

#62

Post by MBCook »

Animats wrote: post #60

Apple already had Apple Pay. What's better about the new one?

Apple Pay is consumer -> business, so you can buy groceries at Whole Foods.

This is consumer -> consumer. Letting me send my friend $5 to split the tab on the pizza he's ordering or a quick $20 birthday gift to a niece.

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

#63

Post by lordnacho »

The question is why it hasn't happened sooner. This thing in your pocket is not just your telephone, but also your watch, map, calendar, contact book, music player, library, and so on. It can't be long before it's also your passport and your wallet.

These are things that had a life as separate items in days of yore and separate websites not long ago. They're also things that naturally lend themselves to the format of a phone.

You'd have thought the mobile wallet would have been the first thing on the minds of the big platform companies.

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

#65

Post by ruddct »

guelo wrote: post #5

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?

iMessage doesn't require you to figure out if the other user has an iPhone. Do an OS update and all of a sudden messages just start turning blue for some people (along with other UX bonuses that are superior to the vanilla SMS experience)

I would imagine that a consumer-to-consumer Apple Pay would work similarly. Hell, it might be integrated directly in the messages app.

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

#66

Post by [deleted] »

lordnacho wrote: post #63

The question is why it hasn't happened sooner. This thing in your pocket is not just your telephone, but also your watch, map, calendar, contact book, music player, library, and so on. It can't be long before it's also your passport and your wallet. These are things that had a life as separate items in days of yore and separate websites not long ago. They're also things that naturally lend themselves to the format of…

[deleted]

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

#68

Post by pbh101 »

eva1984 wrote: post #56
jjtheblunt wrote: post #45

Earlier quoted context omitted.

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.

Experience-wise, I have used both Venmo and QuickPay (and Apple Pay). I would much much rather use a P2P version of Apple Pay than either of the other two. Agreed that it would be yet-another service I'd have to use, but I already have to switch between Venmo and Chase Quickpay and others.

In addition, there are well-known cases of Venmo being insecure by design, because it relies on interbank transfers. The response from Venmo is that you should not use Venmo with people you don't trust, because the money can be clawed back. So, for example, for receiving payment for an item you sold on Craigslist. I highly doubt Apple would put its name/the TouchID brand on a service with similar pitfalls.

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

#69

Post by kristianp »

unfunco wrote: post #39
nnd wrote: post #36

Why do you need banks, when you can just transfer Bitcoin?

If Apple introduces this, it will likely require scalability higher than that of the current blockchain, which allows for roughly seven transactions per second. Peer-to-peer is definitely the way forward, but for now, banks have the infrastructure, and the customers.

This will be fixed when it's needed. To deviate from the discussion, I don't know why Bitcoin doesn't move to a faster block time. Less time to confirm a transaction, more blocks per minute, more transactions per second.
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