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Apple Cash

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Re: Apple Cash

#171

Post by fabatka »

jlmb wrote: post #99
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.

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.)

The same exists in Spain (albeit with limits per month), it's called Bizum: https://bizum.es/en/about-us/

Re: Apple Cash

#172

Post by smugma »

mbreese wrote: post #149
kdot wrote: post #140

Earlier quoted context omitted.

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.

But, it’s not nearly as popular as Venmo. I’ve never been asked to send anyone money over Zelle, but Venmo is used often. Maybe it’s a regional thing (network effects are huge here), but just because something is supported by our banks doesn’t mean it gets used. Also, I don’t necessarily want to login to my bank app to send money to someone to cover dinner. But a secondary app, like Venmo, is fine.

SF anecdotes:

My old house cleaner used Zelle, new one Venmo. I recently prepaid for a camping trip and needed 40 parents from kids’ school to pay me back. Most used Venmo, a few used Zelle, one sent to my wife’s PayPal. Most of my friends use Zelle (and close friends and family use Apple Cash because it has the least amount of friction, once set up).

My kid in preschool has an extra sports class and music class. Both are paid by Zelle. Last month I got a haircut and the owner had a sign saying she preferred Zelle (saves 2-3% vs Cc/Square). Zelle seems to be growing amongst small businesses.

I once sent a friend who works at Square some square cash. It went unredeemed because he forgot about it. Had to resend.

I’ve only used wires when buying homes.

I use ACH to pay taxes, some utilities, etc.

StateFarm lets me pay my insurance bill with ApplePay, which gives me 2% cash back.

In short, very Balkanized with no dominant system.

Re: Apple Cash

#173

Post by londons_explore »

intrasight wrote: post #132
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.

If apple makes it fee-free and paperwork free even for small businesses, and they make an android compatible app, then it will be successful and will take over from banks and MasterCard/visa.

Otherwise it'll remain a tiny proportion of the overall payments industry.

Re: Apple Cash

#174

Post by lelandfe »

i80and wrote: post #163
kdot wrote: post #140

Earlier quoted context omitted.

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.

I've only ever used one bank that supports Zelle (and I'm departing that bank), and I've never once heard of anybody using it. Yes the US does have Zelle technically, but it's not really a solution at least in the foreseeable future.

"Technically?" Curious how you've even managed to avoid it, frankly – all of the largest US banks have it: Bank of America, Chase, Citi, Capital One, and Wells Fargo, as well as 1,536 other banks.

Going down this list, I don't think I've ever used a bank that didn't have it: https://www.zellepay.com/get-started

Re: Apple Cash

#175

Post by pjc50 »

sparkywolf wrote: post #168

Why is this on the front page..? Apple Cash has been around for years. It doesn't even look like they've added anything new unless I'm missing something?

It's just a regular card:

    "Apple Cash services are provided by Green Dot Bank, Member FDIC. Learn more about the Terms and Conditions. Only available in the U.S. on eligible devices. To send and receive money with an Apple Cash account, you must be 18 and a U.S. resident. If you’re under 18, your family organizer can set up Apple Cash for you as part of their Apple Cash Family account. Security checks may require more time to make funds available. Apple Cash Family accounts can send or receive up to $2000 per transaction or within a seven-day period. Sending money from Wallet requires iOS 15.5 or later.

    An Apple Cash card is required to use Daily Cash, except if you do not have an Apple Cash card, in which case you can only apply your Daily Cash as a credit on your statement balance. The Apple Cash card is issued by Green Dot Bank, Member FDIC. See apple.com/apple-pay for more information. Daily Cash is earned on purchases after the transaction posts to your account. Actual posting times vary by merchant. Daily Cash is subject to exclusions, and additional details apply. See the Apple Card Customer Agreement for more information.

    Variable APRs range from 11.24% to 22.24% based on creditworthiness. Rates as of April 1, 2022.

    To access and use all the features of Apple Card, you must add Apple Card to Wallet on an iPhone or iPad with the latest version of iOS or iPadOS. Update to the latest version by going to Settings > General > Software Update. Tap Download and Install.

    Available for qualifying applicants in the United States.

    Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch"

Re: Apple Cash

#176

Post by ethanbond »

impulser_ wrote: post #128
Gigachad wrote: post #51

Earlier quoted context omitted.

The compelling value proposition is users trust Apple a shitload more than random startups and have enough apple user friends to make it work. The sad part is that these apps are needed at all. In Australia the government just regulated that all banks must support free and instant money transfers and that email addresses and phone numbers be supported as addresses to send to. So if your friend wants to send you money…

They don't release Android apps, therefore you still need to use Venmo and Cash App if you want to send money to someone. So people aren't going to use this over Venmo, Cash App or PayPal. Google Pay supports iOS which is why it used over Apple Pay in countries where iPhones aren't the dominate mobile OS.

I mean... I singlehandedly disprove your claim. I use Apple Cash very frequently, even in cases where both parties have other apps on their phones. IMO they don't need to remove Venmo or Cash App from the market in order to have a meaningful product that adds value for their customers.

Re: Apple Cash

#177

Post by robbie-c »

jen20 wrote: post #153
rahoulb wrote: post #151

Earlier quoted context omitted.

However, a sort code is always presented as 12-34-56 and the account number normally shown as 1234-5678 - so it's easily chunked and very easy to remember.

You also rarely need it among groups primarily using Monzo - which among my UK friend group is universal. Just pick from contacts, just like Apple Cash.

I've also found paying strangers on Monzo to be ridiculously easy, you both turn on bluetooth and go to "pay nearby" screen. You just ask them "Are you ?" to verify, then send money.

Re: Apple Cash

#178

Post by basisword »

jen20 wrote: post #153
rahoulb wrote: post #151

Earlier quoted context omitted.

However, a sort code is always presented as 12-34-56 and the account number normally shown as 1234-5678 - so it's easily chunked and very easy to remember.

You also rarely need it among groups primarily using Monzo - which among my UK friend group is universal. Just pick from contacts, just like Apple Cash.

While very true, I think the point is that if you come across someone not using Monzo as their bank it’s almost just as easy to send them money.

Re: Apple Cash

#179

Post by zbarnes »

intrasight wrote: post #132
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.

link?

Re: Apple Cash

#180

Post by jlmb »

Etheryte wrote: post #123
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.)

I don't think I've seen this, do you have a link to learn more?

It's apparently called “proxy payment”: https://www.lhv.ee/en/proxypayment
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