In the end, the Apple Pay Cash Card is a debit card issued by a Bank (not Apple). Your contract is one with a bank and not Apple. The card itself is only a payment method alongside your credit cards in Apple Pay.
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Apple Extends Internal iOS 11.1 Apple Pay Cash Testing to Retail Employees
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In the end, the Apple Pay Cash Card is a debit card issued by a Bank (not Apple). Your contract is one with a bank and not Apple. The card itself is only a payment method alongside your credit cards in Apple Pay.
You may not have hit the limits:
https://help.venmo.com/hc/en-us/articles/217532197-Social-Security-Number
It's the same scam; VISA, MasterCard and Amex have had to themselves since plastic started.
I opened a bank account at BoA years before getting a SSN, so no. It’s not required.
What about prepaid credit cards that are reloadable they don't require a ssn?
After we got hacked by that yahoo online store data breach we moved to prepaid cards to buy things online. Never had to give a ssn, just had to use cash to load it. Should be able to load it via Apple Pay too.
After we got hacked by that yahoo online store data breach we moved to prepaid cards to buy things online. Never had to give a ssn, just had to use cash to load it. Should be able to load it via Apple Pay too.
Why should Apple use a separate cash card. Google wallet just uses my existing debit card. It does not hold any cash. Just moves it into an account or out of my account depending on whether I am receiving or sending money. I did not have to give my SSN to google. I have move hundreds of dollars that way.
i'm certain that myself, along with a few co-workers, will use this capability pretty much every single day..
also, within my family, i think we'll use it often.
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every day at lunch..
either talk the server into giving separate checks then everybody pays individually..
or
everybody adds their share of the cash into the pot.. (never happens)
or
everybody with cash pays the person without cash who then pays the bill on a card
or
go to the bar to get change so everybody can cash out properly ("oh.. i only have twenties" -- times 5).. give cash to the one person with no cash.. (this last one is the way it usually plays out)
or
IOUs
etcetc.
with peer to peer apple pay.. this process becomes so much easier..
everybody just texts their portion to the one person who then pays the bill..
i'm not exaggerating-- the above scenario is a daily occurrence for me
I agree. Especially if you run out to pick up food and someone hasn’t given you enough to cover the bill. They can just send you the extra money without you worrying about getting paid back later.
Are you friends only with Apple users? Unless it is cross platform it is a no go for me. We all use google wallet right now and all my friends including iOS and android users use it precisely for paying for lunch. I get Groupon discounts and split it with my friends. And they do the same for me sometimes. Google wallet to the rescue. Couple of my friends and me have iPhones and and a couple of others have android.
in my case..
yes, i'm friends only with Apple users (well, iPhone users.)
https://www.cultofmac.com/232633/ma...-a-city-shows-you-were-the-wealthy-are-image/
it's not that much of a truth-stretch to say everybody in NYC uses an iPhone. (ok.. it's a huge stretch.. but still... ; ) )
while i do know a few people in New Jersey and a couple out on Long Island, i wouldn't necessarily describe them as 'friends'
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No, it's only funny if you don't understand what he's saying. He's talking about "float" - he wouldn't get interest from checking (not any more, that once was a thing), but he'd like near-instant access, getting the money from Apple into his bank account.
Big companies that handle large quantities of money that's "just passing through" like this, like Apple will potentially be, might have millions of dollars on hand at any given moment, that people have put into the system (from person A's debit card / checking account) but hasn't yet gone out of the system (to person B's debit card / checking account). Apple can get substantial interest off that combined multi-million dollar balance, especially if that money stays in the system for a while (comes in off A's debit card to pay B, who keeps it in their balance a few days then pays C, who keeps it in their balance a few days then pays D, etc.). Money bouncing back and forth, virtually, between multiple people having lunch together over the course of several weeks, but it stays in Apple's account the whole time, and Apple is getting interest from it all that time.
You'll find that in such a system, when you get $5 from George and $10 from Martha today at lunch, if you know you're going to lunch tomorrow with Bill and you'll be paying him, it's easier to just keep that $15 sitting in your "Apple account" than it is to push it out to your bank account today, only to withdraw it again tomorrow. This also helps Apple make fewer larger transactions with banks, rather than millions more smaller transactions (with their attendant fees). Convenience for you and profit for Apple. Why do you think Starbucks is so eager to have you keep a balance on your Starbucks card (aside from loyalty causing you to visit more often) - I'd bet, across the US, the combined total of cash sitting in everyone's Starbuck card on any given day is in the tens of millions of dollars. Starbucks isn't just keeping that money under a mattress.
I also opened an account at B of A before getting a SSN. But that was years before the law went into effect. So yes, it is required if you want to open an account today.
You did NOT read what you quoted. I stated ApplePay “currently” not what is being tested prior to public role out.
Unless Apple registers as a Bank their NOT a bank and thus should NOT require your SSN - this is a legal matter by law. Regardless of what it “smells like”. Transfer into funds from your bank to Apple Pay Cash - need not fully require your SSN just transfer into another payment method. You don’t see PayPal requiring your SSN do you?! No.
And you understand the subject is not about current Apple Pay, but rather Apple Pay Cash, right?
Anyway... Please contact Apple and advise them appropriately, as their legal and Apple Pay teams are not handling this properly to your satisfaction. Maybe you can advise them on the subject of, as you put it, registering as a bank.
This subject IS ApplePay ... as it affects the primary product directly - ApplePay cash doesn't exist without it. Being snarky doesn't change that. But hey maybe worth sending an email to Apple ... I'm not the only one to express concerns of using SSN for transfering cash into/out of Apple Pay Cash. It will concern others in other countries as well.
No, the subject is Apple Pay Cash. Read the headline up above at the top of the page. And the issue some are taking, is Apple asking for one's SSN for account set up, as expressed in the MacRumors story.
"I'm not the only one to express concerns of using SSN for transfering cash into/out of Apple Pay Cash."
Once more... A SSN will be required only once, when one decides to set up Apple Pay Cash. After the account is set up, a SSN will not be required for transactions that follow afterwards.
Typo on my end I did mean the Subject of the thread is Apple Pay Cash, it doesn't exist without Apple Pay. Still even asking for SSN once its too many, it shouldn't be requried. This means APPLE has your specific information pertaining to YOU and to your device(s) Something Apple has prided upon not having information seems backwards in this.
you have your opinion I have mine ... let's agree to disagree.
Yes Apple has your information. That's a given. But that's not what it's about.
Apple is mandated by law to collect SSN information upon account setup; for provisions in both the Money Laundering Control Act, and, the US Patriot Act. It's just the way it is. Apple has no control in the matter. If that's something you don't like on principle, or if you need to hide large money transactions relating to money laundering or terrorist activities from the government, then Apple Pay Cash is not the service you're looking for.
I have an interest bearing checking account. Why is that funny?
Not required by law. Banks are required to obtain identity proof and many of them do that only with an SSN or ITIN by internal policy. However some of the larger ones will open accounts for non-residents based on other information, usually a lot of it.
I think that a later "standard(s)" will emerge, similar to how we now have 3 "standards" for credit cards: VISA, Mastercard, Discover. And the vast majority of vendors accept these three cards because, well…. they are industry standards.
But you're jumping to conclusions if you think that standards (in cashless payments) will emerge any time soon. Frankly, the cashless payment thing is still at its infancy. It's still a wild frontier that is trying to sort itself out. I don't expect any "standards" to emerge for another 5-10 years. Venmo is probably the closest thing you have to an early standard bearer in the US. But that will likely change.
People trust Apple far more than they do PayPal.
