Apple is 'Watching Cryptocurrency' and Wants to Do More With Tipping and Mobile IDs

[danny842003]

For one, not everyone uses cryptocurrency, and e-wallets, and others just prefer the good old plastic. I've dipped my toe (once or twice) in Apple pay here at service stations in Australia, and i *might* use it... I'm just waiting for my bank to support it first..

To me, changing backs just because of non-Apple Pay is a long stretch.. I'd rather wait.

What bank are you with I thought they all caved.
I was on the verge of moving to ANZ prior to commonwealth jumping on.

 

[Vjosullivan]

Apple does not have all your data. They host a lot of data encrypted, and don't have the keys. Apple is not "willing to share" anything with the government other than what is legally required in each jurisdiction where they do business. Where do you get all this information you are claiming?

That may or may not be true today, but there is no way to guarantee that it will be true in future. Companies wax and wain over the years, or get taken over, departments do their own thing without realising the implications, software and hardware changes, laws change. You can’t extrapolate how Apple will behave in the future from a misty eyed vision of how they operate now.

 

[zombierunner]

I would love an Apple Cash card to be a true debit card to go along with the Apple Card.

Also why is Apple getting credited with people not carrying cash? That goes to credit and debit cards. I haven’t carried cash since well before Apple Pay.

Same

 

[TheFluffyDuck]

I'm guessing they are watching it just as they did Blue-ray and VR. IN all seriousness though, tech companies coming up with their own currency should scare the pants off you! Dystopia here we come, but without the flying cars

 

[ArneK]

I am on a trip to Canada, Apple Pay is pretty universally available, much more widespread than the US (so much for the US being a tech leader, yah?). It's great, you pay in taxi's, on the subway, in restaurants. Just enter info, and put my watch near the reader. Tips are a bit awkward on readers. Select a method (amount, percent), select the amount, then OK. It would be nice to preselect it on a standard interface, tap, tap done!

One more thing of note. Cabs in Vancouver actually have an app similar to UBER (no Uber, though). Benefit is cabs go call to call and are scheduled like Uber rides, but cabbies are professional, trained and certified! Way to go, much better than Uber. Prices are reasonable too. and you pay with Apple Pay!

No idea if you can use Samsung Pay and Google Pay and all the others, because I don't us them. I would guess they work as well.

In Europe FreeNow is doing the same thing with cabs. Also only Certified and trained cab drivers. Is this really not available in the US?

 

[icanhazapple]

That's highly presumptuous to think that:
• I want to tip; and
• that an amount is automatically calculated and as a user I have no input into that.

At least with the Square point of sale systems, you can modify the tip before paying.

 

[dontwalkhand]

At least with the Square point of sale systems, you can modify the tip before paying.

The problem with most people who use Square is that we are now suffering from “tip fatigue”

For example, most counter service restaurants, or a plumber you don’t usually tip. But with Square they just are expecting it.

 

[Da_Hood]

Does the tip go to a seperate account?
I regularly have to remove tips from card transactions.
1. Gratuities are far from warranted in Australia due to generally high wages.
2. Even if I choose to tip, how can I trust a business to pass it on to the staff

Tip cash or don’t tip at all.

 

[Alan Wynn]

That's highly presumptuous to think that:
• I want to tip; and
• that an amount is automatically calculated and as a user I have no input into that.

Most of the systems I have seen that do that, place a set of boxes on the screen with different tip amounts/percentages (including none), and an option to enter one’s own tip amount.

If it is required, it is no longer a tip, but a service charge and, as long as it is disclosed up front, is totally reasonable.

 

[Alan Wynn]

I'm waiting for the day that we can use crypto to purchase goods without taxation from the government.

Purchasing goods using crypto currency does not eliminate one’s tax liability. Any company that does business primarily in one taxing region (e.g. within the U.S., E.U., etc.) will still be responsible to ensuring that sales tax or VAT is collected and will be subject to audit. It is possible that a small number of small person to person, or all digital transactions might escape taxation, but larger ones will be caught in other ways.

 

[MacNetizen]

Crypto/Digital currencies are the future my friend, sorry to disappoint you

Oh great, this ******** again.

No... cryptocurrencies are most certainly not the future. There are people, including myself, that want nothing to do with any of the horribly swaying values of hyper-speculative "commodities". Plus, I don't want my transactions recorded in a ledger. Even with tricks like coin tumblers, with enough patience and fortitude, transactions I've recorded in the ledger can be traced back to me in some way. True anonymity can only be achieved by under the table cash payments, and not using a stupid blockchain.

Even for regular every day transactions, using credit cards and other traditional methods of payment are far more convenient and less hassle than any cryptocurrency I've come across. They are faster, way more user friendly, and if I screw something up, a simple phone call to the bank will rectify any problems, like someone stealing my money using a credit card skimmer or the like. With cryptocurrency, if someone steals your goods, you're **** out of luck.

And this holier than thou argument of "banking the unbanked" coming from AnCap weirdos don't realize most folks in third world countries have much bigger problems to face. They are lucky to even survive long enough to put food on the table, let alone screw around with speculative commodities.

Finally, dealing with third parties like Coinbase kills any of the supposed utility with using cryptocurrencies in the first place. They want you tracked like a hawk if you ever expect to exchange your coins out for the price of the day in USD. Lots of insider trading going on as well as painting the tape between alts to drive the price up, get unsuspecting commoners to buy in and subsequently lose their shirts when the prices drop, rinse and repeat.

 

[caraveo]

The problem isn't crypto. The answer is BlockChain.

 

[crawfish963]

Purchasing goods using crypto currency does not eliminate one’s tax liability. Any company that does business primarily in one taxing region (e.g. within the U.S., E.U., etc.) will still be responsible to ensuring that sales tax or VAT is collected and will be subject to audit. It is possible that a small number of small person to person, or all digital transactions might escape taxation, but larger ones will be caught in other ways.

We don't have a VAT in the United States. I understand that you have to collect it in your country, but crypto would make tax-free trade much more possible.

 

[pipis2010]

Oh great, this ******** again.

No... cryptocurrencies are most certainly not the future. There are people, including myself, that want nothing to do with any of the horribly swaying values of hyper-speculative "commodities". Plus, I don't want my transactions recorded in a ledger. Even with tricks like coin tumblers, with enough patience and fortitude, transactions I've recorded in the ledger can be traced back to me in some way. True anonymity can only be achieved by under the table cash payments, and not using a stupid blockchain.

Even for regular every day transactions, using credit cards and other traditional methods of payment are far more convenient and less hassle than any cryptocurrency I've come across. They are faster, way more user friendly, and if I screw something up, a simple phone call to the bank will rectify any problems, like someone stealing my money using a credit card skimmer or the like. With cryptocurrency, if someone steals your goods, you're **** out of luck.

And this holier than thou argument of "banking the unbanked" coming from AnCap weirdos don't realize most folks in third world countries have much bigger problems to face. They are lucky to even survive long enough to put food on the table, let alone screw around with speculative commodities.

Finally, dealing with third parties like Coinbase kills any of the supposed utility with using cryptocurrencies in the first place. They want you tracked like a hawk if you ever expect to exchange your coins out for the price of the day in USD. Lots of insider trading going on as well as painting the tape between alts to drive the price up, get unsuspecting commoners to buy in and subsequently lose their shirts when the prices drop, rinse and repeat.

Well, blockchain is the future, which apparently will be one of the best innovations of our modern time. Crypto/digital coins will continue to prosper and grow, and if Facebook releases Libra, it will be a major hit on the financial market globally - and it will happen, but, adoption of such coins, won't happen overnight, I would say around 10-20 years from now; but I do believe that fiat currencies will still exist, and crypto will be a side-monetary business, in essence having the choice to use fiat or crypto currencies - anyway, that's just my opinion and theory

 

[Alan Wynn]

We don't have a VAT in the United States. I understand that you have to collect it in your country, but crypto would make tax-free trade much more possible.

We have sales and use taxes here in most U.S. states. Crypto currency does not absolve you from paying (as a buyer) or collecting (as a seller) that tax. Thanks to the anti-money laundering KYC laws (and the even more over-reaching laws covering foreign accounts for U.S. citizens), it would be hard to make any meaningful amount of sales without a record, meaning if you cheat, you will, most likely be caught.

 

[crawfish963]

We have sales and use taxes here in most U.S. states. Crypto currency does not absolve you from paying (as a buyer) or collecting (as a seller) that tax. Thanks to the anti-money laundering KYC laws (and the even more over-reaching laws covering foreign accounts for U.S. citizens), it would be hard to make any meaningful amount of sales without a record, meaning if you cheat, you will, most likely be caught.

I'm not concerned with sales. I'm a consumer. I just want to buy. I'm aware of the taxes that are on the books. The amount of taxes we pay in the US are insane. We pay taxes on goods, but also on vehicles + a registration fee (tax) annually. Taxes on fuel. Taxes on the home you buy, then additional yearly property taxes even though you own the property. Even when you die your estate is taxed. Government spending is so out of control it's not even funny.

EDIT: I live in Texas (sales tax state) and regularly buy from websites that do not charge sales tax, so it can be done. Crypto would make it even easier.