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China’s Payment Apps Give U.S. Bankers Nightmares

bloomberg.com

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Re: China’s Payment Apps Give U.S. Bankers Nightmares

#13

Post by mixmastamyk »

kevin_b_er wrote: post #6

The banks have been pushing for a cashless society for awhile now. So once they achieve their goal of preventing me from paying someone else $10 without a 3rd party getting a 2-3% fee for the privilege of exchanging money between two private parties, it won't be them getting the 2-3%? Cry me a river.

Hmm, most other countries have free transfers between bank accounts. It's just the US (maybe a few others) still stuck in the stone age.

Re: China’s Payment Apps Give U.S. Bankers Nightmares

#14

Post by drivingmenuts »

drb91 wrote: post #10

Is there any evidence these chat based payment apps (venmo, apple pay, facebook messenger, snapchat...?) are replacing credit card transactions in the US? They seem to replace person to person cash transactions instead.

Should Apple Pay be on that list? AFAIK, it's not possible to pay someone directly Apple Pay to Apple Pay. It's more like the standard stand-in for a credit card.

Don't get me wrong, I'd love for Apple Pay to be that convenient, but it's not there yet.

Ed: changed easy-to-use to convenient

Re: China’s Payment Apps Give U.S. Bankers Nightmares

#16

Post by vel0city »

drivingmenuts wrote: post #14
drb91 wrote: post #10

Is there any evidence these chat based payment apps (venmo, apple pay, facebook messenger, snapchat...?) are replacing credit card transactions in the US? They seem to replace person to person cash transactions instead.

Should Apple Pay be on that list? AFAIK, it's not possible to pay someone directly Apple Pay to Apple Pay. It's more like the standard stand-in for a credit card. Don't get me wrong, I'd love for Apple Pay to be that convenient, but it's not there yet. Ed: changed easy-to-use to convenient

You can send money through iMessage with Apple Pay Cash. You can even use an Apple Watch or Siri to send person to person cash transfers.

https://support.apple.com/en-us/HT207875

Re: China’s Payment Apps Give U.S. Bankers Nightmares

#17

Post by gruez »

mixmastamyk wrote: post #13
kevin_b_er wrote: post #6

The banks have been pushing for a cashless society for awhile now. So once they achieve their goal of preventing me from paying someone else $10 without a 3rd party getting a 2-3% fee for the privilege of exchanging money between two private parties, it won't be them getting the 2-3%? Cry me a river.

Hmm, most other countries have free transfers between bank accounts. It's just the US (maybe a few others) still stuck in the stone age.

you can transfer free between friends using services like paypal, doesn't that count?

Re: China’s Payment Apps Give U.S. Bankers Nightmares

#18

Post by IkmoIkmo »

the_watcher wrote: post #11

As long as banks get the FDIC guarantee while American WeChat-type competitors don't, they'll be fine.

Two different products tbh, we all throw it into (retail) 'banking' but, payment processing and savings/investments are different products that needn't exist under the same umbrella.

Moreover, the median American has around $3000 in his bank account and a lot of people have negative cash balances. FDIC insurance isn't a big deal in the lives of many millions of people. And even if it was, there's no reason you can't have a bank account with FDIC insurance for your cash savings, and a WeChat like payment system for day to day payment processing.

Re: China’s Payment Apps Give U.S. Bankers Nightmares

#20

Post by baq »

gruez wrote: post #17
mixmastamyk wrote: post #13

Earlier quoted context omitted.

Hmm, most other countries have free transfers between bank accounts. It's just the US (maybe a few others) still stuck in the stone age.

you can transfer free between friends using services like paypal, doesn't that count?

paypal isn't a bank, though.
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