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Apple Pay Cash Preview: A Look at Apple's New Peer-to-Peer Payments Service

DavidLeblond said:
Actually excited about this. Right now, my wife gives me money every month to put towards the mortgage. But we have different banks, so the only way she can do this fee-free is to write me a check. So I have to find an ATM to deposit it (my credit union doesn't have fancy things like taking pictures of the check on your phone.) This should do away with that.
Click to expand...

Why can't she just do an ACH transfer?
 
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I’m all for it, but why is this taking so long? And is it only for iOS users? If so, I think there’s already better solutions to send money to EVERY mobile user/email address. (ie, PayPal, Venmo, ect...) Hopefully this is cross platform or else it’s just adding to the clutter.
 
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I've been trying to find information on Apple Pay Cash's sending/receiving policies, and so far haven't had that much success..

I read the terms and conditions, and in there, it says that payments are non-refundable once sent. Great! BUT, if I send money from a credit card and/or a debit card, I can always get that charge reversed...

Now, let's say I'm selling an iPhone on Craigslist, and we both agree to pay via. Apple Pay Cash.

But, unknown to me was that the person who I'm selling the phone to is a huge scammer and as soon as I give him the iPhone (and receive the Apple Pay Cash payment), he's on the phone with his credit card company claiming that the charge wasn't authorized.

Let's also assume that the credit card company sides with the scammer..

What happens to the money I received? Does it get returned to the issuing bank? Am I on the hook for the money? What if I've already transferred the money to my bank? Is it going to get reversed from there too?

Or, is this the risk Apple/Green Dot is taking, and THEY will absorb the loss and go after the scammer for the loss, meanwhile I'm safe and secure with the Apple Pay Cash payment I received?

Sure, payments from friends are fine -- but, for this to really be useful, I need to know what happens in the event that someone claims it was an unauthorized payment...
 
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JosephAW said:
This might be a good time to introduce iMessages to the google store for the rest of the world.
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WolfSnap said:
I've been trying to find information on Apple Pay Cash's sending/receiving policies, and so far haven't had that much success..

I read the terms and conditions, and in there, it says that payments are non-refundable once sent. Great! BUT, if I send money from a credit card and/or a debit card, I can always get that charge reversed...

Now, let's say I'm selling an iPhone on Craigslist, and we both agree to pay via. Apple Pay Cash.

But, unknown to me was that the person who I'm selling the phone to is a huge scammer and as soon as I give him the iPhone (and receive the Apple Pay Cash payment), he's on the phone with his credit card company claiming that the charge wasn't authorized.

Let's also assume that the credit card company sides with the scammer..

What happens to the money I received? Does it get returned to the issuing bank? Am I on the hook for the money? What if I've already transferred the money to my bank? Is it going to get reversed from there too?

Or, is this the risk Apple/Green Dot is taking, and THEY will absorb the loss and go after the scammer for the loss, meanwhile I'm safe and secure with the Apple Pay Cash payment I received?

Sure, payments from friends are fine -- but, for this to really be useful, I need to know what happens in the event that someone claims it was an unauthorized payment...
Click to expand...
Thats why I always write “CASH AND PICKUP ONLY!”
 
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Sefstah said:
Thats why I always write “CASH AND PICKUP ONLY!”
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Right, get it.. But, there are payment forms that are just as safe as cash. Postal money orders, wires, etc.. There are forms of money transfer that comply with the Good Funds Law, and some that don't.

I'm *really* hoping this is another Good Funds Law compliant payment system..
 
solipsism said:
You mean the service that has you add a card to your Facebook account as opposed to Apple's solution which keeps your card data on the device in the Secure Element, not stored on FB's servers? Yeah, I'll stick with a secure solution where my bank sends and receives secure transactions based on a representational card number instead of never sending my physical card number and never having Apple store my card in iCloud.
Click to expand...

Yes. And I add the card because it's convenient and easy to use with all of my contacts. Why would it be more risky than to add it to PayPal? Or just use the physical card in a store (khm Target)?

The bottom line is that I won't use this feature because I already have 3 separate ways to send money to somebody, without an extra card or pocket to manage. YMMV.
 
I’ve read and read and thought and thought and I just can’t see the value of this for me. Just another easy way to spend money.
 
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rGiskard said:
This sounds complicated enough to warrant the question: why not just use a cryptocurrency or something like paypal?

Apple also lack the marketshare to create enough of a network effect for Apple Pay Cash to catch on. Why even bother setting it up if only iPhone users can send and receive? Far easier to use something universal.

As someone who uses paypal and several cryptocurrencies, I struggle to think of a scenario in which Apple Pay Cash is worth the trouble to set up.
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iPhone market share in the U.S. is darn close to 50%. And it is the more affluent 50% of the U.S. at that. That alone is plenty of market share in the world's largest market for this to be a success. Also people will trust it as something worth learning to use. I've got Venmo and it is fine, but most people I know don't have any of these services figured out. They will bother to learn how to use Apple Cash.

That said, a pay feature coupled with lightning fast Face ID and audio control doesn't seem that secure.
 
DavidLeblond said:
Actually excited about this. Right now, my wife gives me money every month to put towards the mortgage. But we have different banks, so the only way she can do this fee-free is to write me a check. So I have to find an ATM to deposit it (my credit union doesn't have fancy things like taking pictures of the check on your phone.) This should do away with that.
Click to expand...

Are you sure? Most every credit union can offer this as they use somewhat standardized backend software. If really no, check out the shared branch functionality to see if that fills a gap. Also, it used to be free to deposit a cheque in an atm if any bank.

Finally, your wife could pay the mortgage directly from her account by autopay or cheque; mortgage companies don’t care where they get the payments from.

Double finally, if none of these work, find a new CU because yours might be deficient in security if their other it systems are lacking.

Hope this helps, Good luck.
 
nemesa said:
Yes. And I add the card because it's convenient and easy to use with all of my contacts. Why would it be more risky than to add it to PayPal? Or just use the physical card in a store (khm Target)?

The bottom line is that I won't use this feature because I already have 3 separate ways to send money to somebody, without an extra card or pocket to manage. YMMV.
Click to expand...

Suit yourself, but I'd rather not be stuck in the past with companies storing my physical card data on their servers.


Apple Pay and all the others that use the same bank-centric setup are the way forward.
 
Robert.Walter said:
I installed iOS 11.2.pb2 yesterday and then tried to activate Apple Cash. Was a bit surprised and disappointed by experience:

Some comments:
- in verifying my identity during set up, I entered the address I use for all my written correspondence, my PO box (we took down the curb box long ago), I consider this my “home” mailing address;
- the set-up indicated home (not physical) address, but did not exclude POB’s;
- upon entering, the tool said it could not verify and said I’d have to call Apple;
- using the number provided I was connected to an Apple advisor, who asked a number of questions before connecting me to an “Apple Cash specialist”;
- had to repeat this step 3 times because the 1st Time i could hardly hear the specialist as there was so much static on the line and the call dropped;
- 2nd time was my fault as while I was waiting to be connected to the specialist I put Skype on mute and couldn’t get off mute quickly enough (they gave me ample opportunity to do this, but I was to slow);
- 3rd time the Apple guy started to create a case file, unlike 1 & 2, and asked for IMEI before I told him I should just be connected thru, he went off line to check then came back to hand off to the specialist;
- the specialists are employees of GreenDot Inc. in Spartanburg, SC (NC?);
- both the first Apple Advisor and the 3rd specialist said there had been many activation problems. The advisor said a fix was being implemented and users were being asked to wait until Thursday and to call back;
- also said that they didn’t want to lose customers and preferred users not use the alternative of requesting account deletion (she said this several times as we talked as if this was a major talking point she had been drilled on);
- at some point she said I would have to scan my ID and “it would be shared with their verification partner and it would be retained as long as required” (I think she said also “by law”);
- I told her given all the PII breaches of late, I wasn’t cool with having to now share this with a 3rd (green dot) and 4th (unknown partner);
- I asked why this was even necessary, she said because of FDIC rules and may have said something about crime prevention and fraud but I was thinking about this requirement;
- I told her I couldn’t use this service without linking it to a credit or debit card, and I was already verified by the financial institutions that issued them, and why wasn’t that enough (AMEX is a bank, USBank is a bank, my credit unions are banks);
- I really didn’t expect her to be able to answer because such was not a conversation likely contemplated by her training;
- I told her that I found the photo verification requirement to be excessive and out of line with the simplicity of most things Apple and I wasn’t comfortable sharing more data, and at this point I don’t need to have it set up;
- so I told her that I didn’t see a point in waiting until Thursday to call back for verification because I didn’t like the verification requirements so I wanted to delete my account. She tried to dissuade me several times “would hate to lose a customer” but she did it;
- in the settings the Cash Card displays a closed badge.
- in the wallet the Cash card says the account “has been closed by request” but can be renewed.
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[doublepost=1510184820][/doublepost]USERS with no SSN, are also going to be blocked. ITIN numbers cant be verified and when you call APPLE, they will tell you same thing, that they need to get you to an Apple Cash Specialist. Really bad experience for all customers.
 
solipsism said:
Suit yourself, but I'd rather not be stuck in the past with companies storing my physical card data on their servers.
Click to expand...

This article is about the Target *retail* hack that I referred previously. So you only use cash if a place doesn't offer apple pay? Never use your physical credit / debit card in stores because of fear that it gets stollen? For me that just seems to be too complicated. I accept that apple pay is safer, but at this point I won't subscribe to a service that's more complicated to use than 3 existing one and also has limitations (apple only).

I do monitor my transactions often and this is why banks automatically add insurance to credit cards...
 
Apple if your reading this you need to make an option to be able to have kids use it on there phone with parental control so kids don’t need cash and parents can add money as there kids need it. Having to be 18 is pointless.
 
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Robert.Walter said:
- at some point she said I would have to scan my ID and “it would be shared with their verification partner and it would be retained as long as required” (I think she said also “by law”);
- I told her given all the PII breaches of late, I wasn’t cool with having to now share this with a 3rd (green dot) and 4th (unknown partner);
- I asked why this was even necessary, she said because of FDIC rules and may have said something about crime prevention and fraud but I was thinking about this requirement;
- I told her I couldn’t use this service without linking it to a credit or debit card, and I was already verified by the financial institutions that issued them, and why wasn’t that enough (AMEX is a bank, USBank is a bank, my credit unions are banks);
Click to expand...
Apparently the Apple Cash card is actually a virtual debit card with a cash account behind it. So they may indeed be forced to verify their users' identities due to banking regulations.
DavidLeblond said:
Actually excited about this. Right now, my wife gives me money every month to put towards the mortgage. But we have different banks, so the only way she can do this fee-free is to write me a check. So I have to find an ATM to deposit it (my credit union doesn't have fancy things like taking pictures of the check on your phone.) This should do away with that.
Click to expand...
Have you checked if your two banks participate in Zelle? You can find a list of participating banks here:

https://www.zellepay.com/get-started

If they do, you can use it to do free transfers directly bank-to-bank without any 3rd party middleman. IMO the safest solution.
 
If I had a nickel for every time I've heard the word "simply" in these videos the past couple of days, I wouldn't need to have anybody send me money via Apple Pay Cash. It's one of those things that once I noticed it, I heard every single "simply press this" or "simply touch that" or "simply enter the other thing" until I couldn't stand it anymore.

I mean...otherwise it's a nicely done video, good information, good production values, etc...I just started gritting my teeth. So I simply stopped watching it, I guess.
 
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heov said:
This is very similar to WeChat Pay used extensively in China...

now all Apple needs to do is add QR codes to users and iMessage is basically WeChat haha
Click to expand...

Considering that Visa has a QR code standard that they allow US issuers and merchants to implement, it would not surprise me if Apple eventually included it in a future version of iOS. A significant number of major retailers seem to have a hard-on for them, anyway, judging by what Walmart's doing.
 
solipsism said:
You mean the service that has you add a card to your Facebook account as opposed to Apple's solution which keeps your card data on the device in the Secure Element, not stored on FB's servers? Yeah, I'll stick with a secure solution where my bank sends and receives secure transactions based on a representational card number instead of never sending my physical card number and never having Apple store my card in iCloud.
Click to expand...

paranoid are we? you ever buy anything online ?
 
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