If someone sends me money, I want it directly deposited into my checking account. I don't want Apple to hold it like a bank or paypal, so they can get incur interest.
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Apple Extends Internal iOS 11.1 Apple Pay Cash Testing to Retail Employees
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If someone sends me money, I want it directly deposited into my checking account. I don't want Apple to hold it like a bank or paypal, so they can get incur interest.
Something tells me you are not searching very hard. Once again... get out of your Sesame Street neighborhood. There's a big wonderful world out there for day to day e-commerce. I walk up to the counter of any Bank, Retail-shop, movie-theater, grocery-store, pharmacy-counter, restaurant or ice-cream parlor and Bam!... there's the little *PAY* icon lit right up on the credit-cart terminal or register. Instead of blandly swiping or chipping your Mastercard over and over each day at the local Starbucks... just take out the iPhone instead. Or heck, use an Android-Phone as Google's system is in many of those same establishments. And no, you won't be embarrassed by the Coffee-Barrister watching you do so. She's seen it done a thousand times already. Go on, please... discover it all.
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And since Apple already offers to deposit any funds coming in to your Checking Account as an option when you sign up... they've got you covered. The only real limiting thing (at present) is that the person you transact with has to be in the Apple eco-system as well. Hence, PayPal isn't going away.
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That's fine. The point remains, Apple is acting like a bank. And requires your SSN in order to comply with US law.
Google and PayPal are available on all platforms. Apple cash is only on Apple eco system. That is a big handicap. I already use google wallet because it is cross platform, easy to use, and automatically goes into my linked debit card instead of holding in a google cash account. I have sent and received payments from people and I don’t care what kind of platform they are on. Social media and payments need to be cross platform to succeed.
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I agree. Google wallet does not hold the cash. It just sends from the linked debit card and receives into the linked debit card. I have been using it for the past few months and it is great.
I have yet to see that Apple Pay Cash transactions require a SSN. Your SSN is asked for when you set up Apple Pay Cash with Apple, so Apple can comply with federal law.
It's the same as if you're walking down the street, go into a bank, and tell a bank representative you'd like to open a checking account. When filling out the account application you will be asked for your SSN, to comply with federal law. After opening that brick and mortar checking account, you no longer need to supply your SSN (or receive a SSN from others) when you send checks, or the bank receives checks on your account.
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I still struggle with this as a RL concept.
I want to keep my Cash and Credit cards, bank notes and coins, or membership cards in my wallet, I stick into my pocket when I go out, with our without my phone.
My wallet never needs charging, and gives me total flexibility, whether i'm buying a car, booking a flight, buying a hot dog from a stand, or a stick of gum, or at someone's garage sale.
My physical wallet does everything in any scenario.
I can't even use a phone to pay for me weekly shopping as it's limited to £30
The guy who cut the grass I give a £20 note to.
The guy who cleans with windows I give a £10 note to.
I struggle to see this as any more than a gimmic for decades....
There needs to be no limit. from 1 penny to many thousands of dollars
And no fee's.
And it has to be totally cross platform.
Anything less than all these, and it's just a fail before it even starts.
I want to keep my Cash and Credit cards, bank notes and coins, or membership cards in my wallet, I stick into my pocket when I go out, with our without my phone.
My wallet never needs charging, and gives me total flexibility, whether i'm buying a car, booking a flight, buying a hot dog from a stand, or a stick of gum, or at someone's garage sale.
My physical wallet does everything in any scenario.
I can't even use a phone to pay for me weekly shopping as it's limited to £30
The guy who cut the grass I give a £20 note to.
The guy who cleans with windows I give a £10 note to.
I struggle to see this as any more than a gimmic for decades....
There needs to be no limit. from 1 penny to many thousands of dollars
And no fee's.
And it has to be totally cross platform.
Anything less than all these, and it's just a fail before it even starts.
I wonder if you can deposit cash into the account by just taking a picture of the cash....
Honest question... who doesn’t have an SSN?
Don’t you need one to file tax returns?
Also, if you earn money, you have to pay social security tax from the first dollar earned to the $128,000 (forgot what the max is) as well as your employer “pays” the other half of what you are required to pay.
I think I’m missing something...
Something tells me you are not searching very hard. Once again... get out of your Sesame Street neighborhood. There's a big wonderful world out there for day to day e-commerce. I walk up to the counter of any Bank, Retail-shop, movie-theater, grocery-store, pharmacy-counter, restaurant or ice-cream parlor and Bam!... there's the little *PAY* icon lit right up on the credit-cart terminal or register. Instead of blandly swiping or chipping your Mastercard over and over each day at the local Starbucks... just take out the iPhone instead. Or heck, use an Android-Phone as Google's system is in many of those same establishments. And no, you won't be embarrassed by the Coffee-Barrister watching you do so. She's seen it done a thousand times already. Go on, please... discover it all.
No offense but I think you're being a little bubble-minded here. It really depends on where you live. I'm in New York, so while we do tape Sesame Street here, the real New York certainly isn't and most places in NYC still do not take NFC payments. Food trucks, yes - bodegas, 75% chance no. More likely available in Williamsburg than Downtown Brooklyn. Less available in mid-town than on the UWS. I can't think of anyplace in Chinatown that has it. But in LA, it's everywhere. Chicago, probably 50/50. Seattle, more and more places have it though I haven't been in a while. Overall in New York City, I know more places that don't take it than do. But that will change over the next year or two and we'll see more adoption rates.
It's myopic to say that just because you see it everywhere, everyone else must too. And the flip side is the same. Just because you don't use it or see it, doesn't mean it isn't valuable or ubiquitous somewhere else. It is the future though and the more people and places that embrace it, the better.
I remember when you couldn't pay for a taxi with credit cards (!!) - and that was less than 10 years ago. Even after CC readers were all installed in taxis, they seemed to always be "broken" until about 4-5 years ago. Now they are all digital and I just tap tap tap an app, get in get out. Some things take little time but once the equilibrium shifts, it's unstoppable.
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That's good to know. Have you ever tried Circle Pay? It had terrible reviews but I checked again recently in the app store and now it's got loads of great reviews, which may or may not be legit. I've yet to meet anyone who has used it.
Progress will be made. One stone boulder at a time. As a sparrow returns to it once each year to sharpen his beak upon it and then fly off. Till that very rock is worn down... smooth as a flat sheet of glass.
I suspect they're not just doing it for fun, but to satisfy some banking regulations on the back end.
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The FBI would like to have a word with you - they really prefer to only have the Federal Mint making money.
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It doesn't really matter what you'd prefer, they still have to deal with the federal regulations covering financial institutions. Tell your preferences to the federal government.
I haven’t. A number of fellow immigrants recommend TransferWise and once I used it, I never looked back. It’s posible I’m missing out on something because of that of course but I can’t really think of anything more I’d want.
Yep, Square and Apple aren't doing it for fun, it's information they need to pass up the line to comply with financial regulations. (Think about it - if you set up a service and randomly decided to ask for SSN "to verify identity"... what would you be verifying it *against*?)
Nobody knows the answer to this (unless they’re beta testing) but I’d hazard a guess given that iMessage payments automatically top up from debit card that terminal transactions will too, similar to part-balance PayPal payments.
Time will tell. Personally for the many reasons listed above and others I don’t think I or many others will keep cash in this system for long but transfer it to bank shortly after receipt (as I do with PayPal)
On that note, imagine how much $ Apple is going to make off the interest on all these worldwide balances.
It's better that Venmo because everybody recognizes Apple. (And because Apple has a reputation for getting security/privacy right.)
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Go to a bank, and tell them you want to set up a bank account (which is basically what you're doing through Apple), but you don't feel like giving them your SSN. See how far you get.
Apple will have to include transfers outside of the Apple ecosystem before I bite. Their completion apps will quickly be banished to a folder though as soon as they get it right, which will have to include a, horrors, Android app.
Please, interest from your checking account? LOL. Funniest comment on the forum today.
It probably has to do with banks and fraud, and also with anti-money laundering laws. I was wondering if this could take the place of Western Union transfers, especially out of country.