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Apple Pay to Be Treated Like a Bank With Federal Scrutiny in the U.S.
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Gonna be lit five years from now when everyone wonders why digital payment platforms suck.
It will be interesting to see how the feds will look at Apple and Google pay. Apple and Google pay, charge a small percentage(fee) for using their service. As a consumer you do not see this fee, but on the back end of a merchant they see it. I do not know how much of a charge it is, but I would surmise a low decimal percentage.
PayPal needs to be scrutinized a lot more.
PayPal needs to be scrutinized a lot more.
That’s why I have Apple Pay. Venmo. Zelle. And cash app.
And sometimes I even use 🤢google pay🤮
PayPal is terrible because they lock your account for the most arbitrary reasons. My dad once sent me $600 for rent one time and because he was sending such a high amount it triggered a lock of the account. I was without the funds for 3 months until they resolved it. It shouldn’t take three months to resolve what should have never happened.
Their transaction fee is higher than most.
Half the time instant transfer doesn’t work so then I’m stuck doing standard.
It's not a bank unless I can walk into it and ask for a pen.
I hope so. Everyone is thinking oh yay the government is trying to protect us from evil Apple Pay. No they just want to track where money is going. This is going to give them another eye
I share the same sentiment. I suspect PayPal has been able to get away with this through powerful lobbying and other mechanisms. Otherwise they are even worse. All third-party systems like PayPal, cash app, all of them should be regulated. They are abusing the system so blatantly.
This is essentially true. They are trying to push us toward 100% digital currency. For all those same reasons.
Equally, you have online banking systems like Ally bank that won’t allow you to deposit cash.
I'm ambivalent on this. On one hand, yes, financial institutions should be strictly regulated, we all saw what can happen when they aren't.
At the same time this can be seen as further expansion of the surveillance state, especially concerning considering the incoming administration.
Suppose we'll need to see how things play out like always.
At the same time this can be seen as further expansion of the surveillance state, especially concerning considering the incoming administration.
Suppose we'll need to see how things play out like always.
I suspect cash will go away within 20 years. Banks and payment processors use credit cards to create profiles of what people buy. If you’re buying or paying for anything “controversial” always use cash.
i have been using Apple Pay for long time, it never failed.
Too many services like this exist. PayPal is the big one and it needs some oversight. Never had an issue but many have. Zelle, Venmo, Apple Pay and lastly (cringe) Cash App. People keep trying to make Cash App happen and it just won't catch on. Refuse to use it as it's mostly used by scammers or people doing questionable stuff
Apple charged A$110 million commission for Apple Pay in 2021 in Australia.
www.afr.com
Apple Pay costs for Australian banks revealed
Australian banks are paying Apple more than $110 million a year to use Apple Pay, an amount that will further climb alongside the take-up of digital wallets.
I used to HATE PayPal and had an awful experience back in like 2013 or so
a couple years ago I was like hmmm it seems they’ve made progress, but now I’m starting to squint at them a bit.
I haven’t done a payment directly through them in a while so MAYBE they have but idk. I just use them as an intermediary when I don’t want a company to have my card.
Whenever I can I am using Google Pay, Apple Pay, or Amazon Pay. I have not had any trouble with PayPal but I am not a heavy user of it.
While I am a fan of this regulation, it's almost certainly going to be reversed in a couple of months - check out the Congressional Review Act. Incoming administration and incoming Congress hate almost everything CFPB does, so I'd put good money up that they'll use the CRA on everything CFPB they can.
Would love to be wrong here, but doubt I am.
Would love to be wrong here, but doubt I am.
If you all haven’t used these services, then you should not comment.
I have the Apple Card and the Apple savings account, last year was transferring a six figure sum from Chase to Apple Savings, took about 10 days and in the meantime, I had no access to the funds!
Chase does these transfers instantly… When it got tangled up with Apple / Morgan Stanley (their banking partner) it got all screwed up and no amount of calls to Apple would shed any light on wtf the hangup was. Regulation would be good here.
I use them all the time. If you feel the need to be rude and nasty maybe you should not comment?