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Apple Files Trademark Application for Apple Pay Cash Peer-to-Peer Payments Service in European Union
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95% new cards issued after Q3 2016 are contactless. The problem, there are still a lot of "old cards" (prior Q3 2016). The banks do not change their cards, unless the validation period (5-6 years) is up.
Based on Apple Pay: The Card does not to be contactless. It basically makes old cards contactless. My canadian Credit Card (up in 2018) is within Apple Wallet but without Apple Pay not contactless.
And you think the Netherlands is so way behind that there are hardly any contactless terminals? Think again, it's hard to find a place without contactless terminals these days. And the ones that aren't actually have signs on them now saying they're not contactless (indication how common it is now).
And I've been telling my bank, they've been saying they're anxious to start with ApplePay ever since it was announced.
Or maybe Apple is being unreasonable?
On another note, countries like the Netherlands primarily use contactless payment as well... Would seem like a no-brainer. However, Germany still prioritizes cash, even though most banks there issuing cards now have contactless chips in them too.
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Since he appears to be in Europe, I think he meant future transfers between continents, as in sending a friend or family member in the US, South America, Asia, etc. some money. Presumably the official exchange rate on the date of the transaction will be applied.
I think, in a first step there will be no cross-currency this year.. This may come later.
Excellent so you can blackmail someone instantly.
Pay me money NOW or this photo is getting uploaded
Jesus.... some people have to be negative just about anything!!!
N26 can do that already and is for free. They also give you a NFC enabled MasterCard with it. Works all across the EU and has iMessage implementation. Among N26 customers transfers are immediate. For everyone else they arrive next day.
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As I said above. That exists already for N26. Also works with Siri and iMessage.
Apple pay with N26 is not yet available in my country but it is due to come this year and I'll check it out once is available.
As far as I understand it is more similar to a bank account than Boon, which is easier to setup (just a text message) but more limited.
Yeah, it's not like they don't already have a peer to peer which gets put in your ACTUAL bank account within minutes and is free. Oh, and you know it's kind of secure. Most developed countries have it. Here in the states it's called Zelle and over 80 million have it available to them right now. No reason to use third parties to handle my money.
It is the latter one. So you will only be able send money from Apple to Apple user.
I know its not available for Apple Pay. But except for that it can do everything Apple is putting into the new iOS already. The big difference so far is that you have to hold your card against the terminal instead of your phone.
And I should say: Additionally transfers work to ANYONE in the EU. So this will be still much more useful than Apple Pay peer to peer transfers since I can even send money to lets say my grandma who doesn't even have a smartphone
That pattern that they use is an accurate representation of my every paycheque.
Would hurt more if it was the printed amount
Zelle only came out extremely recently. It's yet another feature American banks were extremely late to the party with and no wonder why Apple rolled out AP and will roll out AP Cash here first.
yeah the banking infrastructure in the US is embarrassing. I was really looking forward to use Apple Pay for my semester abroad here but it's basically accepted nowhere because every store is trying to push its own app... It was quite shocking to me that my American friends here boasted with the increased security that they now have chips in their CCs. I didn't know there was even cards without chips. Being in my mid-20s, I never had a non-chip card ever since I have a bank account. The most shocking thing about this whole delay in security and lack of user friendliness though is that banks take huge cuts on everything here. You would think they could use at least some of that money for their costumers. I guess regulation did actually largely benefit the EU banking sector in terms of security and modern payment systems (even though I am from Germany where people for some reason LOVE paying with actual cash).
I can pretty confidently say that this is a no go from start, unless Apple register itself as a bank.
The EU has new, very strict laws concerning "money launder". This means, all transactions needs to be traceable and verifiable. That's why "swish" works in Sweden, it is a joint venture by Swedish banks so the transfer is directly from one bank account to another, and it's all traceable. There's no way Apple as a non-bank would be allowed to transfer money between people, and certainly not across borders (well, they can do it, but they would be constantly charged with money launder charges and people using it would be blacklisted from banks).
The laws are strict enough that handling cash is being downright an inconvenience. I was declined a loan unless I could provide proof of where I got $3000 in cash I had deposited on my account. The money came from selling 2 cars and I had to provide proof of ownership and sale or face blacklisting.
This is not a Swedish thing but new EU legislation, "money launder-directive" and "funds transfer regulation":
http://europa.eu/rapid/press-release_IP-17-1732_en.htm
[doublepost=1504281297][/doublepost]Oh, and Samsung Pay is already used here in Sweden, but not Apple Pay, one wonders why...
The EU has new, very strict laws concerning "money launder". This means, all transactions needs to be traceable and verifiable. That's why "swish" works in Sweden, it is a joint venture by Swedish banks so the transfer is directly from one bank account to another, and it's all traceable. There's no way Apple as a non-bank would be allowed to transfer money between people, and certainly not across borders (well, they can do it, but they would be constantly charged with money launder charges and people using it would be blacklisted from banks).
The laws are strict enough that handling cash is being downright an inconvenience. I was declined a loan unless I could provide proof of where I got $3000 in cash I had deposited on my account. The money came from selling 2 cars and I had to provide proof of ownership and sale or face blacklisting.
This is not a Swedish thing but new EU legislation, "money launder-directive" and "funds transfer regulation":
http://europa.eu/rapid/press-release_IP-17-1732_en.htm
[doublepost=1504281297][/doublepost]Oh, and Samsung Pay is already used here in Sweden, but not Apple Pay, one wonders why...
Good point. Additionally I assume they are cooperating with a bank like boon. In theory, boon. would be the perfect fit with Apple as they offer their pre-paid card all over Europe.
Apple Pay (without Cash) does not fall under "funds transfer" in its actual meaning. Apple Pay is - another contact less way - of a payment method. It does not matter, whether you use your credit card via PIN, contactless or via your mobile, as you have B-2-C payment. Your CC in Apple Wallet is technically your credit card only in digital form.
A Person-2-Person falls under the laundry law. I would expect that there has to be - at least some kind of partnership - with a bank to introduce Apple Pay Cash in Europe (likewise in the USA).
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That concerns Apple Pay in absolutely 0 ways. Apple Pay is not some obscure currency or anything of the sort. Apple Pay is a way to protect your transactions, but that doesn't mean you can't trace it. Apple Pay is your BANKS credit or debit card and when you make a purchase using Apple Pay what do you think happens and what do you see in your card statement? It is perfectly traceable if needed. It is no different from sending money one Revolut or N26 user to another. We already know from iOS 11 beta that there will be some kind of ID verification and it seems that a 3rd party bank or other financial entity will managing Apple Pay Cash card for P2P payments.