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.
A P2P wallet; nice
Like bitcoin but without the crazy volatility! Unfortunate your funds will be tied to Apple and under certain circumstances be confiscated or blocked.
Only if you use the credit card. If you use the Apple Cash Card it’ll be free...
Apple is becoming a bank then!
Why different currencies? Within Europe, 19 of 27 countries use the Euro as currency.
One could assume that 95% of the transaction will be in Euro.
And the other 8 currencies? Europe isn't just the Euro and what about new members, they are oblidged to take the Euro but they don't have to, they can veto like the 8 you mention.
So the point stands, it also stands if you want to pay someone in the US what happens then? Is it allowed or blocked.
I disagree.Germany is still mostly cash these days so I don't expect ApplePay to get really popular anytime soon even if it was released today.
I disagree.
I use ApplePay every day (shopping @ Aldi, and almost everywhere) and I am much faster than the people with funky credit cards or cash. Cash sucks and Cards waste time. If you have it, you want never return.
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.
It certainly concerns Apple. Yes, it goes out of your account and into someone else account. Problem is, it's not a transaction between 2 banks, it's a transaction "owned" by Apple, an intermediary who is not registered as a bank and does not fall under the same legislation.
When you use Apple Pay in a store, it's essentially just another way of using your card to put money in a registered business's account. If you use Apple Pay between 2 persons, the only entity that has the information on between which accounts that transaction took place is Apple.
Sure, they'll probably use some bank to handle to transactions, but the receiving bank will have no knowledge of the sender bank, and the bank account involved. It's a helluva lot easier to get an AppleID than a bank account, that's for sure. I know it's difficult, my brother's wife moved here from Spain and it took her years to get a bank account.
The EU has very strict laws for money transfers, read the link I posted. I bought my car privately from Belgium and even though we're both in the EU, the transfer of money required me to fill in several forms, and we both had to make a trip to the bank to fill in more forms and present photo-ID, and the forms had to be signed off by a manager, took about an hour. And this was a transaction directly between 2 banks within the EU, no cash, no intermediary. To think that Apple could just swoop in and start transferring money between their users across EU is wishful thinking.
Sorry but you have no clue about this.It certainly concerns Apple. Yes, it goes out of your account and into someone else account. Problem is, it's not a transaction between 2 banks, it's a transaction "owned" by Apple, an intermediary who is not registered as a bank and does not fall under the same legislation.
When you use Apple Pay in a store, it's essentially just another way of using your card to put money in a registered business's account. If you use Apple Pay between 2 persons, the only entity that has the information on between which accounts that transaction took place is Apple.
Sure, they'll probably use some bank to handle to transactions, but the receiving bank will have no knowledge of the sender bank, and the bank account involved. It's a helluva lot easier to get an AppleID than a bank account, that's for sure. I know it's difficult, my brother's wife moved here from Spain and it took her years to get a bank account.
Apple P2P Pay is a little bit like Western Union. You bet the 419:ers will be happy the day Apple P2P Pay is available to them.
The EU has very strict laws for money transfers, read the link I posted. I bought my car privately from Belgium and even though we're both in the EU, the transfer of money required me to fill in several forms, and we both had to make a trip to the bank to fill in more forms and present photo-ID, and the forms had to be signed off by a manager, took about an hour. And this was a transaction directly between 2 banks within the EU, no cash, no intermediary. To think that Apple could just swoop in and start transferring money between their users across EU is wishful thinking.
That would be great, I hope it will make it to EU soon.
I'm using Apple pay with a service called Boon since my bank doesn't support it, and there is a limit of €250 per month if I don't provide documents. If I do, the limits are higher, but still in place.
I guess there is some law that prevents services like Apple pay to allow the transfer of a lot of money that way, since it would be difficult to track. Maybe Apple will ask for ID in order to avoid the lower limit
I'll bet the banks are sh!ting their pants.
In North America you seriously need someone to change things up. In Canada most banks charge you fee's if you make so many transactions with your card every month. In the USA some banks charge you for not making enough transactions and you have to jump through a load of of hoops to avoid paying a monthly transaction fee. I think one of the reasons why credit cards are so popular in North America is because you can use them without any fee's being levied and so long as you pay the balance at the end of the month you won't even be charged interest. I often see German's on here saying they don't have credit cards (they do but they are rare) and I don't think they realise how credit cards in other countries offer many benefits beyond borrowing money. Over there it is different, and if you borrow money over there loans etc are more affordable (I think it's illegal to charge over 40% APR on finance deals in Germany) and easier to access than other countries where credit cards and pay day loans cover many of the 'quick access' loans.I'll bet the banks are sh!ting their pants.
How long over due are we for some serious disruptive technology in consumer banking?
I'm not saying Apple alone can take on the banks of the world but with the rise of the crypto currencies and peer to peer payments picking up momentum you just get a feeling that something big is coming that will change the landscape and bury a lot of dinosaurs.
In North America you seriously need someone to change things up. In Canada most banks charge you fee's if you make so many transactions with your card every month. In the USA some banks charge you for not making enough transactions and you have to jump through a load of of hoops to avoid paying a monthly transaction fee. I think one of the reasons why credit cards are so popular in North America is because you can use them without any fee's being levied and so long as you pay the balance at the end of the month you won't even be charged interest.
I often see German's on here saying they don't have credit cards (they do but they are rare) and I don't think they realise how credit cards in other countries offer many benefits beyond borrowing money. Over there it is different, and if you borrow money over there loans etc are more affordable (I think it's illegal to charge over 40% APR on finance deals in Germany) and easier to access than other countries where credit cards and pay day loans cover many of the 'quick access' loans.
Anyway, here in the UK a basic current account is free to use, some of them may not give you overdrafts etc, but they all give you the basic debit card ability without having to pay for transactions etc. Of course you can get accounts that you pay for, but they usually offer extra benefits, such as travel insurance etc.
Maybe in North America a new player is needed, pre-paid cards and possible an Apple Pay card is a move towards that. You certainly need to change the way banking os done over there, especially as the world moves away from bank notes and coins.
The UK hasn't left the EU yet. Negotiations to us leaving have only just begun and are in the very early stages. By the time we leave Apple would have had P2P Apple Pay in the UK and EU for years. Even when the we do leave there is still the possibility that we go with with EU trademarks still being recognised in the UK, in fact it will be 99.9% likely that all existing EU trademarks will be recognised in the UK, with a transition period being applied for new EU trademarks being recognised in the UK. Failing all of that, Apple will have plenty of time of time to register the trademark in the UK by the time the UK leaves the EU.not in UK, because of Brexit
Apple fans in UK are disappointed lol