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

Post by lostlogin » Thu, Nov 12, 2015, 10:10 AM UTC

escaped_hn wrote: post #147

smelendez wrote: post #145

Earlier quoted context omitted.

I'm a freelancer and I've had happily clients pay me through PayPal, Venmo, Dwolla and other services. But if I were a landlord, I'd sadly ask for a check too. A lot of U.S. jurisdictions require a landlord not to accept rent in certain circumstances from a tenant he's trying to evict. It's well established how to do this with a check: don't cash it, and possibly send it back to the sender certified mail. I wouldn't…

If only there was some way to not accept an electronic payment.

Post by bg0 » Thu, Nov 12, 2015, 3:05 PM UTC

bnj wrote: post #120

bg0 wrote: post #106

I love Apple and all but they'd have to somehow make it easier then Venmo, because it would be pretty hard to convince my non-tech friends AGAIN to move away from something that works so well

Easier than having it automatically installed on your phone, already aware of your contacts and payment details, and able to recognize nearby iphones and offer them as Payee's? This service will push adoption of apple pay as well as benefit as people start to use it; I predict it'll take off here in exactly the same way that Paypass and similar took off in Australia when they were introduced. Lots of skepticism tied…

Post by alwillis » Thu, Nov 12, 2015, 5:03 PM UTC

bduerst wrote: post #142

alwillis wrote: post #125

Earlier quoted context omitted.

Payment channels combined with the lightning network ( https://www.youtube.com/watch?v=8zVzw912wPo ) would allow Apple to create create off-chain transactions and aggregate micropayments into individual bitcoin transactions. However, unless Apple has had a secret bitcoin project going on for the past few years, it's too early to deploy something like this. Their first person-to-person product certainly wouldn't use a…

That's still not competitive to ACH or viable. If 10 million people today used off-chain, their transactions wouldn't complete until 16 days later. If 10 million people then used off chain tomorrow, their transactions wouldn't go through until 32 days later . t+22 days and you're already waiting a year to get paid in some instances.

Post by mixmastamyk » Thu, Nov 12, 2015, 6:01 PM UTC

lostlogin wrote: post #189

mixmastamyk wrote: post #84

The US is so archaic in banking I'm not surprised that it takes Apple to do something about it, a shame. I'm still sending a paper check to the landlord every month, ha! What is this, the 70's? The rest of the world already has direct, often immediate, free money transfers a few clicks away, and for a long time. We should focus there, rather than inserting more middle-men. When I was in New Zealand, we even paid for…

It's interesting how fast you can abandon cash when you have decent alternatives. Most NZ banks support paying people to their cell phone number too, with a URL to follow to get the money. It's not that clunky either which is surprising to me (given how long decent mobile apps have taken).

Post by ethanbond » Thu, Nov 12, 2015, 6:59 PM UTC

roymurdock wrote: post #96

ethanbond wrote: post #89

Earlier quoted context omitted.

I'm at school in upstate NY. Venmo dominates here as well. It's doing pretty well, but honestly is an unimpressive product.

Interested to hear why you think it's unimpressive. It just works, and it adds a fun, social element to payments without being creepy or annoying about it. The key to the product is the strength of the network. They got all the major banks and CC providers to sign onto the platform, which was unprecedented. So from that standpoint, it's a fantastic product.