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Apple Cash

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Re: Apple Cash

#131

Post by mattbrewsbytes »

user_named wrote: post #14

A bit of a product marketing snafu by Apple if I may say. 1. Apple Cash is apparently not cash, nor a wallet, but a card that is stored inside wallet. 2.There is already Apple Wallet, Apple Pay, Apple Card. It looks to me that they're all the same. Why can't I Pay with the Cash in my Wallet. Or can I?

If you look at the fine print, Apple Cash appears to be a UI/branding layer for Green Dot Bank, a 40 yo bank in Utah. I believe you essentially end up with a FDIC bank account and Apple Cash just puts a huge brand name and pretty UI on the debit card for that account.

So Apple Pay is the service, Apple Card is their credit card and Apple Cash is their debit card via some bank. You can sidestep all that and just put your own credit card in the Wallet and use some other cash-like service.

The large problem with a lot of these cash-like services is in order for the exchange to happen, two people have to be on the same service. If Apple Cash takes off, then you just need to know if your friend has an iPhone and then its viable and much easier than having to go signup for one of these other services (zelle, cash app, venmo, etc.) just to chip in for a gift or dinner.

Re: Apple Cash

#132

Post by intrasight »

vivegi wrote: post #119

In India, the coalescing of payments around the National Payments Corporation of India (NPCI)'s payment network and standard called Unified Payments Interface (UPI) has been a gamechanger. Bank consumers can create virtual addresses that they can give to any individual or entity and use it for sending / receiving money. The recipient can be a customer of any bank, not necessarily theirs. As long as the bank is on the…

The Economist recently discussed. To demonstrate the success of UPI, the mentioned that panhanders now routinely present an UPI barcode instead of a pan. I doubt that Apple Cash will have the same success.

Re: Apple Cash

#133

Post by benhurmarcel »

phoe-krk wrote: post #127
jlmb wrote: post #99

Earlier quoted context omitted.

In Estonia, you can link a phone number to your IBAN. When making payments, the sender just needs a phone number, and the corresponding IBAN is automatically looked up. (The lookup service is managed by the central bank, and used by all (major) banks.)

Same in Poland, thanks to BLIK payments. Works across all major banks. https://iko.pkobp.pl/iko_en/features/mobile-transfer/

There's a similar system in several country (Spain as well for example, called Bizum). It's a shame that it's not a Europe-wide system.

Re: Apple Cash

#134

Post by datavirtue »

Dave3of5 wrote: post #121

> Apple Cash services are provided by Green Dot Bank Never heard of Green Dot Bank. They seem to have these banks listed under them: "GO2bank, GoBank and Bonneville Bank". I assume that Green Dot Bank isn't holding the money itself but passing it on to a bigger bank. Anyone know who's actually behind this ? Edit: I think maybe Green Dot is holding the money themselves on this are they a well known bank in the USA ?

Green Dot is a prepaid debit card marketer and servicer. Green Dot Bank....is a bank that is owned by Green Dot. Green Dot has some products on different banks...like Metabank.

Green Dot is or was the dominant prepaid card sold in Walmart and all major grocery stores. They offer a Rapid Reload service where you can bring cash to a Walmart register and have it loaded into a prepaid card.

They basically serve people who have been ejected from the banking system. One of their main products was an anonymous card that could be reloaded and used to transfer money. A favorite of prostitutes and other illegal services that was eventually snuffed out by the banks because of KYC (know your customer) violations.

People would load money onto the card and just give it to someone else or transfer between them. All anon.

Re: Apple Cash

#135

Post by FabHK »

vivegi wrote: post #119

In India, the coalescing of payments around the National Payments Corporation of India (NPCI)'s payment network and standard called Unified Payments Interface (UPI) has been a gamechanger. Bank consumers can create virtual addresses that they can give to any individual or entity and use it for sending / receiving money. The recipient can be a customer of any bank, not necessarily theirs. As long as the bank is on the…

Goes to show that deft government regulation/steering can really achieve something. Similar to SEPA in the EU.

Re: Apple Cash

#136

Post by cromka »

kibibyte wrote: post #78
MichaelBurge wrote: post #47

Earlier quoted context omitted.

I usually pay people online with Paypal. Isn't that p2p given that you send money using only their email address? What do Venmo/Zelle give over that?

Fundamentally, nothing really. It's all the same: money moves from one person to another—quickly, instantly, and no fees (unless it's a business transaction)—as long as it doesn't leave the network. But therein lies the rub: money has to leave this network occasionally because you cannot send money peer-to-peer to from PayPal to a merchant not using PayPal (like Amazon), and that is the troublesome part where money h…

> Obviously, the primary reason would be if everyone you know is using not-PayPal.

Where Venmo wins with Zelle and PayPal is the privacy: you don’t have to hand out your email address or phone number — you’re payee only knows your handle.

Re: Apple Cash

#137

Post by Dave3of5 »

datavirtue wrote: post #134
Dave3of5 wrote: post #121

> Apple Cash services are provided by Green Dot Bank Never heard of Green Dot Bank. They seem to have these banks listed under them: "GO2bank, GoBank and Bonneville Bank". I assume that Green Dot Bank isn't holding the money itself but passing it on to a bigger bank. Anyone know who's actually behind this ? Edit: I think maybe Green Dot is holding the money themselves on this are they a well known bank in the USA ?

Green Dot is a prepaid debit card marketer and servicer. Green Dot Bank....is a bank that is owned by Green Dot. Green Dot has some products on different banks...like Metabank. Green Dot is or was the dominant prepaid card sold in Walmart and all major grocery stores. They offer a Rapid Reload service where you can bring cash to a Walmart register and have it loaded into a prepaid card. They basically serve people wh…

How did they make money in this ?

Most banks wouldn't work in this manner due to high risk.

Re: Apple Cash

#138

Post by dontlaugh »

basisword wrote: post #97
x3ro wrote: post #90

Earlier quoted context omitted.

It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.

Interesting. In the UK we just need to share account number and sort code. These are quite easy to remember in your head. IBAN would complicate things. Is IBAN always required or only for cross-border transfers?

Some countries only use IBANs, without some other local account identifier.

Re: Apple Cash

#140

Post by kdot »

x3ro wrote: post #90
basisword wrote: post #88

I find it odd things like this, Venmo, Square cash even need to exist. There’s a reason none of them get used much (or even exist) outside the US. Just fix banking in the US and they problems they solve disappear. In the UK (and the EU I believe too) bank transfers and instant and free. Digital banks like Monzo make it even easier (through contact syncing, better UI). Third party apps need not get involved.

It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.

If US we use Zelle, it's a for profit company owned by the large US banks. If your bank supports Zelle, you can send money instantly.
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