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

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

  1. Abazigal macrumors G3


    Jul 18, 2011
    You mean - how is a native feature baked into the OS and automatically available on any ios device better than a third party app you need to install and set up?
  2. QuarterSwede macrumors G3


    Oct 1, 2005
    Colorado Springs, CO
    You can’t. It will only allow it to individual messages.
  3. ebika macrumors 6502

    Nov 17, 2008
    This seems fine, but doesn’t offer much beyond Venmo (which also has a Messages app). Ultimately, the Zelle network payments are still better because it works across banks and device platforms, and it lands in your checking account immediately. Apple Pay cash and Venmo still require a day to cash out to your checking account.
  4. mrklaw macrumors 68020

    Jan 29, 2008
    this sounds like it would be perfect for being able to send emergency 'cash' to my kids if they need it. They both have hand me down iphones and most of the places they need money will take contactless. Just a shame its not in the UK

    For facebook messenger or paypal - presumably they don't let you pay for things via apple pay at the receiver's end? That seems the biggest benefit for me. It isn't about just sending money (I would use paypal to pay back for a meal for example, as that is easily withdrawn back into a person's bank), but sending virtual cash, and I think there is an important distinction between the two
    --- Post Merged, Nov 9, 2017 ---
    doh. That seems super limited. Surely one of the biggest uses for this is sending emergency cash to your kids?
  5. EdT macrumors 65816


    Mar 11, 2007
    Omaha, NE
    I know that PayPal used to, but that was some time ago. A friend bought tickets for me and we tried using PayPal for me to pay him back. It was going to charge him a fee to accept the money so he declined. It charged me a fee for the attempt.

    This was a good number of years ago so their policies may have changed a lot since then. Haven't used PayPal in 7 -10 years.
  6. fa.ce macrumors 6502

    Oct 8, 2006
    When transfer money from Apple Cash Virtual Card into our Credit / Debit Cards or Bank account Apple charges some commissions ?
    Or there're ONLY 3% commissions when send money to another user on a Credit Card ?

    When it'll be introduced also in Europe ?
  7. wigby macrumors 65816

    Jun 7, 2007
    When the grid goes down and the financial system collapses, cash will not have any value. Only water, food, medicine and maybe weapons will have value. If you want those things, no one will sell them to you no matter how much cash you have.
  8. BOOMBA macrumors regular


    Dec 27, 2001
  9. blacktape242 macrumors 65816


    Dec 17, 2010
    Sacramento, CA
    im not a fan of it either, but i get it i guess.
  10. rGiskard macrumors 68000


    Aug 9, 2012
    You can't imagine buying something on craigslist from someone using Android? Or maybe going out to dinner with friends and paying your portion to someone with Android?
    --- Post Merged, Nov 9, 2017 ---
    Some of us use our Macs and iDevices for managing money so 2FA is a standard security measure.
    --- Post Merged, Nov 9, 2017 ---
    Peer to peer payment systems rely on a network effect so making a payment system exclusive to a single OS is counterproductive.
  11. Archmage macrumors member


    Jan 30, 2003
    Michigan, USA
    This is actually frustratingly difficult in the US.
  12. IJ Reilly macrumors P6

    IJ Reilly

    Jul 16, 2002
    So does peer-to-peer messaging and peer-to-peer video conferencing, yet we have exclusive iMessage and FaceTime. What all this tells me is Apple is still very much a hardware company. They are less interested in mass adoption of these software products than in making them appealing exclusive features for buyers of their hardware products. Understood this way, Apple Pay Cash represents the continuation of a longterm strategy, not something new.
  13. JHermz macrumors newbie

    Oct 7, 2015
    What I am hoping is that Apple Pay Cash, since it is baked right into their phones and carries the Apple imprimateur, will finally start getting more people in my age group (late 40s early 50s) using digital payments. It drives me crazy when someone is collecting money for something and the alternatives they offer are send a check or pay me when you see me or whatever. Whenever I suggest using one of the existing options (PayPal, Venmo, etc.), they always seem reticent. I'm hesitant to send money to people this way if I don't know that they already have an account set up. Maybe Apple Pay Cash will lower some of these perceived barriers.
  14. anup.chavda macrumors member

    Nov 11, 2013
    Harrow, UK
    I'm kinda on the fence about this, however i could be sold given the following:
    1. Venmo is not available in the UK
    2. WeChat cash is not available in the UK
    3. if this supports international transfers, this is big (the bank transfer rates are horrendous!)
    4. if this supports transfers to Irish users, then for me this is a winner (we have people in ireland that we transfer gift money to for company birthdays etc, and it always costs me a shed load for what is usually a £15-20 gift.)
    5. bank to bank transfers is an option here in the uk, however my particular bank requires me (rightfully) to set up new recipients beforehand using the security device/calculator thing. not something i can do on the fly. I like the interface of iMessage...i really hope they develop a tap-to-pay function from device to device (ie enter how much you want to send and then tap the recipients phone/watch)
    6. 98% of the people i can see me sending money to are on iOS.
    7. I hate PayPal. i'm a seller and a buyer on eBay and have been screwed over on both sides of the fence with them. I refuse (and i know a lot of people that also refuse) to use PayPal. Paypal held onto £800 for a period of 3 months whilst they "checked" the transaction, but demanded that I dispatch the item immediately.
  15. urkel, Nov 9, 2017
    Last edited: Nov 9, 2017

    urkel macrumors 68030

    Nov 3, 2008

    I know, I know. Everyone can come up with a wacky justification for why only people 18 and over should have money in their phones. But seriously, this is a great feature that could really benefit families. Allowance, Payback, Chore-Incentives, Emergency Cash etc.

    Its frustrating because it just seems like Apple doesn’t understand families or something
    - No multi user logins for iPads
    - No Family Share for Photo Libraries
    - FaceID to one user
    - New simplified awesome payment system has age restriction

    Again. No hate here but dont these people have kids or spouses? :D
    I was excited for this feature so when I installed it on my kids phone and got denied then its just disappointing.
  16. hmdqyg macrumors newbie


    Nov 9, 2017
    Los Angeles
    Just don't know if this thing is safe. I have been scammed over $18k in a Venmo trade. The other party can simply take money back after the money is already in my Venmo balance. As far as I know, most of the payment system will face such issue.
  17. ipedro, Nov 9, 2017
    Last edited: Nov 9, 2017

    ipedro macrumors 68040


    Nov 30, 2004
    Toronto, ON
    Is ApplePay Cash a viable bank checking account alternative?

    Banking right now is like the cell phone industry was before iPhone: ripe for disruption by a simplified, transparent and easy to use service.

    Can I transfer money to ApplePay Cash from an existing ApplePay debit card? I receive most of my income from Square payments from my clients. Square transfers to my business checking account. After paying business bills, I transfer the balance to my personal checking account. If I was able to use my ApplePay compatible business debit card to transfer to ApplePay Cash, I could use it as my checking account.

    Is there a limit on how much it can hold? Even if it does, I can always transfer any surplus to a savings account while still using ApplePay Cash as my day to day checking account.

    If the Wallet app gets more sophisticated or if Apple releases a third party API (ApplePaykit), then we can have apps like Mint and Quickbooks analyze our spending history.

    Look to China to see how that country became a nearly cashless society almost overnight with WeChat. ApplePay Cash has the potential to do that in the western world.
  18. Wolfpup macrumors 68030

    Sep 7, 2006
    Unless I can magically transfer the money off somewhere useful easily, like on to my Discover card, it's not useful to me, even though I'd like to be able to do this to pay people!
  19. dwaltwhit macrumors 6502


    Oct 25, 2013
    You aren't wrong
  20. mazz0 macrumors 68000


    Mar 23, 2011
    Leeds, UK
    What do you have to do there? If the recipient here hasn’t registered their phone number with their bank you need their account number and sort code, but it’s still pretty easy. Used to be when you first sent money to someone you had to verify it using your debit card and a little machine, but that’s only for your first transfers over a certain value now.

    I don’t know exactly how the phone number banking system came to be. There must be some sort of inter-bank registry that resolves a phone number to a sort code and account number. I think it might have been a regulation that made them set it up. Anybody know?
  21. dazz87 macrumors 6502a

    Sep 24, 2007
    Because it's coming from apple?
  22. Robert.Walter macrumors 65816

    Jul 10, 2012
    I always thought Apple’s lower limit on this was 13 y/o.
  23. Chazzle macrumors 68000


    Jul 17, 2015
    I understand your concern 100%, but are you saying that you just keep all your money under your mattress or buried in the yard? What else is “the old fashioned way?”
  24. the johnmc macrumors regular

    the johnmc

    Jun 23, 2017
    iPhone: 38.551970,-121.698453
    My guess is that this is a GreenDot restriction.
  25. bozzykid macrumors 68020

    Aug 11, 2009
    If by "close to 50%", you mean 34%, then sure.

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