Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Apple Cash

apple.com

Post reply on HN
Print view View original

191–200 of 208 posts

Re: Apple Cash

#191

Post by snotrockets »

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…

> And the result today is that all these p2p apps look awfully a lot like banks, but less encumbered by regulations because they don't do everything that banks do.

They don't just look, they are banks (or has a bank they outsource the regulated activity to). This is a piece they're not too keen on disclosing, except in very tiny print, as they wouldn't like their user to realize they can go and complain to the regulator regulating their companies when they leave their customers high and dry.

Re: Apple Cash

#192

Post by WorldMaker »

wan23 wrote: post #152
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?

You can Appple Pay with the Apple Cash in your Apple Wallet. You can also pay off your Apple Card balance with the Apple Cash, and also using the Apple Card earns you Apple Cash back. It's not a card in the wallet, but because the wallet UI only shows card UI components it's not surprising that you thought of it that way.

Apple Cash shows up as its own card in the Apple Wallet. It's the bank account Debit Card pairing to the Apple Card credit card if you have both. You can have an Apple Cash card without having an Apple Card, though with the "Daily Cash" that Apple Card earns you currently can't have an Apple Card without an Apple Cash card (so far as I'm aware).

(Some confusion here is that you can have a separate Apple Store/iTunes credit that isn't Apple Cash and doesn't show up as a card in the Apple Wallet and can only be spent in the Apple Store/iTunes. Given the nature of how gift cards work that's likely to remain a separate "cash fund" and the two separate balances may always be a little confusing, with some people likely putting money into one when they meant to put it into the other. Hopefully Apple may find a good way to communicate the differences between them.)

Re: Apple Cash

#193

Post by WorldMaker »

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?

Person to person cash transfers and family Apple Cash accounts are new features just recently enabled. I assume that's why it's in the news today.

Re: Apple Cash

#194

Post by snotrockets »

buro9 wrote: post #57
oezi wrote: post #46

Earlier quoted context omitted.

When I search for Wallet in the Play Store I don't even find a "Google Wallet" app nor do I find it on my Android phone. My experience with managing boarding passes in Android is absolutely abysmal because Android does not support pkpass (the format Apple uses).

Pkpass appears to be an Apple defined spec that isn't owned by a neutral party like a standards organisation. Yes they've published the definition ( https://developer.apple.com/library/archive/documentation/Us... ) but why would other companies embrace a definition and then entrench that when Apple could change it at any time or lock them out of future revisions? If an airliner is only making boarding passes availabl…

> If an airliner is only making boarding passes available in pkpass, then ask your airliner to support more than just Apple devices. The one I flew with at the weekend "just worked".

And I'd get the same reply I get when I ask for an upgrade.

Re: Apple Cash

#195

Post by datavirtue »

Dave3of5 wrote: post #137
datavirtue wrote: post #134

Earlier quoted context omitted.

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.

Most banks taking this stance leaves the entire market for others. It is fuelled by fees. Green Dot fees are quite high. What you say is true, though. I was with an established prepaid company (acquired by GD) that got dropped by a bank or two.

Re: Apple Cash

#196

Post by mattbrewsbytes »

kdot wrote: post #143
mattbrewsbytes wrote: post #131

Earlier quoted context omitted.

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 y…

You still have to "sign up" for Apple Cash though, which is a process that involves uploading your government identification.

Yeah, to be expected, it’s a bank account. Other services often make you validate a checking account or credit card which are run by banks and want ID to get accounts.

Re: Apple Cash

#197

Post by zwass »

johnwalkr wrote: post #113
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.

In Canada you’ve been able to send money to people for 15 years just by knowing their email address. You also set a security question. I also had a debit card I could use in most stores almost 30 years ago. I was shocked as a young adult when I could travel in the US and use my debit card to get money at almost any atm, yet Americans had to sometimes seek out the correct ATM, even in their country. I was shocked agai…

I moved to Canada from the US recently and was shocked at how poorly Interac e-transfers work and that there is no Venmo/Cash equivalent. The system seems to assume a 1:1 mapping from phone numbers or emails to bank accounts. Having multiple bank accounts means disabling and reconfiguring the autodeposit features constantly. I've also gotten used to friends not receiving transfers I send them, which was never a thing with Venmo/Cash -- you just check the history in the app.

ATMs are also mind-boggling after getting used to banks that will refund ATM fees in the US. In Canada it's back to the fee to use ATM + fee from the bank for using an ATM that I remember from 20 years ago in the US.

Re: Apple Cash

#198

Post by aaaaaaaaata »

oezi wrote: post #105
the_other wrote: post #80

Earlier quoted context omitted.

> Pkpass appears to be an Apple defined spec that isn't owned by a neutral party like a standards organisation. Yes they've published the definition ( https://developer.apple.com/library/archive/documentation/Us ... ) but why would other companies embrace a definition and then entrench that when Apple could change it at any time or lock them out of future revisions? That's overly paranoid, and the defensiveness leads…

For me Google's main issue is security updates. My 2 1/2 year old Pixel 3 is effectively trash because they only provided 3 years of security updates.

https://grapheneos.org/releases#blueline-stable

Re: Apple Cash

#199

Post by hakfoo »

lelandfe wrote: post #174
i80and wrote: post #163

Earlier quoted context omitted.

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

Zelle always felt to me like the banks chasing down the already-escaped cattle.

If you wanted a no-security-promises send-money-to-your-friends system, you probably already had PayPal or CashApp or something else of the sort. As far as I can tell, it's a popular fit for people who were scraping PayPal's "seriously, your selling-stuff-on-Facebook thing is a business, pay business fees" detection a little too closely.

The timing also seemed odd, with the promises of FedNow being "real soon now" -- do they intend to eventually run Zelle atop it, or is it an attempt to build an installed base (and vendor lock in) before every bank in the country can say "Well, we're all on the same network, so transfers are immediate for everyone?"

Re: Apple Cash

#200

Post by infofarmer »

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.

Beggars in Mainland China have been presenting QR codes (for Alipay and WeChat Pay) for years now.

https://www.financialexpress.com/industry/beggars-with-qr-co...

Post reply on HN