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

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Nov 8, 2017.

  1. solipsism, Nov 8, 2017
    Last edited: Nov 8, 2017

    solipsism macrumors 6502a

    solipsism

    Joined:
    Jan 13, 2008
    #51
    Any of the *Pay services or a chip card payment is more secure. Embrace the future and it will be more convenient and less costly for everyone.
    --- Post Merged, Nov 8, 2017 ---
    Absolutely!

     
  2. clunkmess macrumors 6502a

    clunkmess

    Joined:
    Jul 28, 2011
    Location:
    California
    #52
    How is this better than Square Cash? Square Cash automatically transfers money to my bank account for free, I don’t have to manually transfer every time i receive money...
     
  3. the johnmc macrumors regular

    the johnmc

    Joined:
    Jun 23, 2017
    Location:
    iPhone: 38.551970,-121.698453
    #53
  4. Act3 macrumors 68000

    Joined:
    Sep 26, 2014
    Location:
    USA
    #54
    banks don't hold their costumers responsible for fraudulent charges... I've had my card number stolen. Never had to pay a dime on those.
    --- Post Merged, Nov 8, 2017 ---
    what bad things did they do to you?
     
  5. Cart3r macrumors newbie

    Cart3r

    Joined:
    Nov 8, 2017
    #55
    I just tried to set up Pay Cash... add 18 years of age to the list of requirements. Bummer.
     
  6. solipsism macrumors 6502a

    solipsism

    Joined:
    Jan 13, 2008
    #56

    Banks certainly do, and consumer liability credit card charges vary; which may or may not extend to a debit card or to a bank account and routing number like you can add with PayPal. These also have different limits, timeframes, and other parameters of the fraud in order to get reimbursed.


    Most importantly, who do you think ultimately pays for all the loss due to fraud? Hint: It starts with con and ends with sumer.
     
  7. Act3 macrumors 68000

    Joined:
    Sep 26, 2014
    Location:
    USA
    #57
    if your gonna be that paranoid, you probably should just disconnect completely from the grid and do all your banking transactions in person and pay everything with cash. Even swiping your card at a local big box store puts you at risk.
     
  8. solipsism macrumors 6502a

    solipsism

    Joined:
    Jan 13, 2008
    #58
    That's an interesting one since it could affect how a parent sends their kid money. Can they still receive it and use it a cash card, but not transfer out to a bank?
    --- Post Merged, Nov 8, 2017 ---
    So your answer is to go to one extreme or the other, but don't make measured, calculated decisions, just be lazy in thought and practice. Got it, and good luck.
     
  9. Act3 macrumors 68000

    Joined:
    Sep 26, 2014
    Location:
    USA
    #59
    lmao ok. I'm guessing hundreds of millions need good luck as well.
     
  10. infantrytrophy, Nov 8, 2017
    Last edited: Nov 8, 2017

    infantrytrophy macrumors regular

    Joined:
    Oct 27, 2013
    #60
    Transferring money via PayPal is free, under certain conditions. 1. The payment must be a "friends and family" payment, not a "goods and services" payment. 2. The source of funds must be a PayPal balance (or maybe a linked bank account - not sure about that). If the source of funds to be sent is from a linked credit card, there will be a fee.

    All said, not such a bad deal. If you keep a small PayPal balance for this type of thing, the "friends and family" transfer is free and works well. There is a good reason for two types of payments - the "friends and family" payment is final, whereas the "goods and services" payment is associated with certain buyer's rights such as the ability to challenge the payment for fraud or non-delivery, etc.

    My comments do not constitute a definitive account of PayPal payments - this is just a description of my experience buying and selling items on hobby-related discussion forums.
    --- Post Merged, Nov 8, 2017 ---
    ACH transfer is a good solution; most banks allow this and have a simple set-up procedure. Some banks, incredibly, charge a fee for a simple ACH transfer. I have done hundreds of ACH transfers without paying a fee in the past through various banks and brokerage accounts. Recently, however, I attempted to do an ACH transfer from my mother's SunTrust account to her account at another bank. A message appeared stating that there would be a $3.00 charge for the ACH transfer. I called a SunTrust rep, who confirmed the $3.00 charge.

    I am in the process now of closing the SunTrust checking account and will deposit the balance in another bank account.

    If you are not careful, some banks will "fee" you unmercifully. The only solution is to vote with your feet - move your funds elsewhere.
     
  11. joueboy macrumors 65816

    Joined:
    Jul 3, 2008
    #61
    Once this live you guys can try to send me some money and let's see if it's gonna work. :D
     
  12. Rainshadow macrumors member

    Rainshadow

    Joined:
    Feb 16, 2017
    #62
    Looking forward to this. Easiest way for me to send money across the country to members of my family.

    Fascinating that some folks on here have multiple payment services for various reasons and uses, but all the sudden draw the line here. In general, it is pretty well accepted that Apple is a *more-ish secure-conscious company.

    For 10 minutes of setting up a service, you have acces to a secure method of payment that can literally be sent verbally with verification. Sure, only to Apple folks, but once it is set up, it looks pretty seamless.

    If folks want to give their financial information to companies like Facebook, have at it. It’s those same folks, however, that are voting with their wallets and saying it’s acceptable for companies to be less concerned with security.

    I’m not saying you can never use these services, but it is always a calculated risk, and many are not worth the “convenience” in my opinion.
     
  13. dwaltwhit macrumors 6502

    dwaltwhit

    Joined:
    Oct 25, 2013
    Location:
    Tennessee
    #63
    Of course Apple isn't first to market on this, but other than maybe PayPal, I don't think I trust other companies in this space nearly as much as Apple. I have a 20 year relationship with apple. I don't have that with other companies that haven't even been around that long.

    All that said, I don't think my personal use case calls for me to use this service very frequently, but perhaps ease of use will change that.
     
  14. mazz0 macrumors 68000

    mazz0

    Joined:
    Mar 23, 2011
    Location:
    Leeds, UK
    #64
    My thoughts: I only have one. I don’t want to have to manage a balance on a separate card. It should automatically transfer to your bank upon receipt. As it is I’d rather people just did a bank to bank transfer to me, which is free anyway, and can be done with just a phone number (at least it is and can be in the UK), and I suspect they’ll want me to do the same for them.
    --- Post Merged, Nov 8, 2017 ---
    You know your money’s safe with Apple in Jersey, not even the tax man can get to it!
     
  15. JosephAW macrumors 68000

    JosephAW

    Joined:
    May 14, 2012
    #65
    Apple needs to have an arbitration service for larger amounts of money being transferred.
     
  16. DCJ001 macrumors 6502

    DCJ001

    Joined:
    Dec 12, 2007
    #66

    Who receives a copy of my ID, and should I trust this individual?
     
  17. anson42 macrumors 6502

    Joined:
    Mar 13, 2014
    Location:
    Oakland, CA
    #67
    I would like to see how this works. I suspect Apple receives a copy of the ID alongside the transaction and not necessarily the contact you are sending money to. This way there is a visual audit trail to go along with the higher dollar transaction. To avoid this at some pain, you could split up a larger amount into multiple payments of $499 or less? Unless this is more about a large sum sent within a short period of time regardless of the number of transactions.
     
  18. doelcm82 macrumors 68040

    doelcm82

    Joined:
    Feb 11, 2012
    Location:
    Florida, USA
    #68
    I think I have used PayPal a couple of times (when using a website that only accepted PayPal), but “cryptocurrencies” isn’t a word in my daily vocabulary.

    I struggle to think of a scenario where I’d use another method (other than a bill from my wallet) when ApplePay Cash is an option.
     
  19. anson42 macrumors 6502

    Joined:
    Mar 13, 2014
    Location:
    Oakland, CA
    #69
    For one, the social aspect of Venmo is really silly. It was interesting for about 5 minutes after which it just became a bore. it does work well for its intended use which is why it is my primary digital payment app.

    Apple Pay Cash really is better if you use Apple Pay like I do. Received cash goes into a virtual card which then acts as a payment card. Sending money can come out of this virtual card (I assume) and/or a debit card for no-cost transactions just like Venmo. Since most of my family and friends use iPhones – there are the occasional Android users, hello Venmo – and since iMessage is a staple app it makes a lot of sense to use the Message + Apple Pay ecosystem.
     
  20. TheRealDGD macrumors member

    TheRealDGD

    Joined:
    Oct 18, 2016
    #70
    Lot's of people getting too used to a cashless society... one day when the grid goes down or the financial system collapses, and it will, ya'll will wish that you held on to your cash and did things "The Old Fashioned Way". When you cannot electronically access what is rightfully yours you will understand.... BTW, the Government would love a cashless Society but try to teach a Millennial the pitfalls and they just laugh..... they don't think Wisdom even exists!
     
  21. Luba macrumors 65816

    Luba

    Joined:
    Apr 22, 2009
    #71
    Does Venmo require you upload your ID to them?
     
  22. anson42 macrumors 6502

    Joined:
    Mar 13, 2014
    Location:
    Oakland, CA
    #72
    Venmo needs ID information before you can send/receive more than $299 per week, so while not an ID (which is not a bad idea) you still have to prove identity. Curious how many times the ID has to uploaded with Apple Cash though... maybe on every transaction above $500. We'll see...
     
  23. Luba macrumors 65816

    Luba

    Joined:
    Apr 22, 2009
    #73
    I think article means once you have completed transactions that total over $500, you're required to submit your photo ID.
     
  24. joonyaboy macrumors 6502

    joonyaboy

    Joined:
    Jun 27, 2010
    Location:
    FL
    #74
    What happens if you send a $1 to a group chat?
     
  25. Luba macrumors 65816

    Luba

    Joined:
    Apr 22, 2009
    #75
    How does Venmo want you to prove identity? Credit Card? Tell them your SSN?
     

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