This will be apple pay via ACH basically. It will allow merchants to avoid the 1% charge on debit cards etc..
But it's describing a person-to-person service, not merchants.
That's how it starts. Which, presumably is the same vector for Square Cash.
Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
101–110 of 203 posts
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#102The 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…
In China, it is also very convenient to send money by cellphone by scan some code. It's that easy.
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#103Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#104Earlier quoted context omitted.
In NYC, iPhone users seem pretty heavily concentrated in Manhattan. This means certain groups of people are probably hanging out in nearly entirely iPhone user enclaves. [0] [0] - http://www.businessinsider.com/android-is-for-poor-people-ma...
That article was very misleading[1] and I wonder why[2] people keep citing it… [1] here's a deconstruction of the data in the article: http://forums.appleinsider.com/t/158143/twitter-heat-map-sho... [2] here's one explanation why: http://readwrite.com/2013/01/29/why-do-americans-hate-androi...
Hadn't seen that, thanks for the correction. Makes a lot of sense.
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#105Earlier quoted context omitted.
Google Wallet?
Ah, makes sense. Is Google Wallet widely used, especially for person-to-person transactions? I've only ever used Venmo for that.
I use it with my roommates for rent - I think the sending limits are higher than Venmo. Otherwise it seems to work much the same way.
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#106I 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
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#107Apple's major advantage over Venmo and others is that they don't need to make money off the payment service. They can give this away for free, because they really care about the device margin. And using geo+TouchID would make for a very secure service, minimizing fraud problems that competitors would have to deal with.
Apple's in a unique position to make this happen. And yes, it could be bad news for Square.
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#108The 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…
This still astounds me.
I'm Australian but also hold a US account. The difference in ease between the two is insane. I cannot believe how difficult it is to simply wire money from a US bank account. In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day.
It's no wonder why Paypal/Venmo are so huge in the US...
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#109The 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…
This still astounds me. I'm Australian but also hold a US account. The difference in ease between the two is insane. I cannot believe how difficult it is to simply wire money from a US bank account. In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day. It's no wonder why Paypal/Venmo are so huge in the US...
Not only that, in Australia to pay rent you can just set up BPay or an automated transfers. You can also wire your deposit to most landlords.
In the US they want cheques and money orders. It's insane.
Re: Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service
#110The 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…
Planet Money actually did a podcast about this. Banks are basically incentivized not to have it and keep ACH that way it is. A free and fast transfer service would destroy their wire revenue stream.
http://www.npr.org/sections/money/2013/10/04/229224964/episo...