Venmo is already used by pretty much everyone I know that would be called young professionals. Think of it like Facebook right before it expanded to non-college users. It's huge and this time next year will have expanded exponentially. Apple might be able to capture your gran, but Apple missed the boat here and is already out on the most valuable demographics.
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Apple Working on Mobile Person-to-Person Payment Service
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Venmo is already used by pretty much everyone I know that would be called young professionals. Think of it like Facebook right before it expanded to non-college users. It's huge and this time next year will have expanded exponentially. Apple might be able to capture your gran, but Apple missed the boat here and is already out on the most valuable demographics.
You definitely saved me time to reply! Exactly what I was thinking though.
While I did in fact hear of the app Venmo, its just that, another app to do something (and not that secure when you think about it). If Apple could create another way to send money (I don't care if it's iOS to iOS because when I used Venmo all 14 of us had iPhones, ironically) this would be awesome for our ecosystem. Especially with the addition of Touch ID to confirm you're sending money/you approve.
For the people saying this will be DOA, you guys are seriously doubting the influence of Apple (or rather the amount of users on the platform), tbh. Facetime was suppose to be DOA remember, it was "stupid" at one point. iMessage was "a joke" to some as well because "everyone uses BBM". Now it's weird, still, to send green bubbles when someone gives me their number.
If Apple has a way I can send money to fellow iPhone/iOS users from my debit card/bank instantaneously (free, preferably) - I'm signing up the first day! Bonus points to allow Android users to download an app for the transfers
So long as it is free (unlike Paypal) and cross-border (Paypal doesn't allow free transfers among friends/family with a bank account to/from Japan, for example), I think it's a great idea. They need to implement it in ways governments won't block (like Japan does).
This would be cool but I see no way with all the vendors/parties involved that it would be free. Eventually there's gonna be a fee somewhere along the process. Fees for electronic payments are just going to get worse, not better as they become more commonplace....especially as they become more de facto.
I don't know that any one "transaction solution provider" is looking to make money off of a transaction, I think the purpose is to be the goto solution that makes people want to buy their hardware.
Apple creating a person to person payment solution is just another solution. A solution that is already available via Banks, Paypal, Google Wallet, etc., Apple is simply just getting into the game. It won't won't be earth shattering, it won't change the world, it's just Apple getting a piece of the action. I am sure it will have the "Apple" spin but at the end of the day, it's just transferring money.
Apple creating a person to person payment solution is just another solution. A solution that is already available via Banks, Paypal, Google Wallet, etc., Apple is simply just getting into the game. It won't won't be earth shattering, it won't change the world, it's just Apple getting a piece of the action. I am sure it will have the "Apple" spin but at the end of the day, it's just transferring money.
For those of you talking about Apple Pay, Apple Pay is already DOA. The same can be said with Android Pay. Unless Apple and Google are going to fully subsidize the costs to upgrade CC terminals EVERYWHERE to NFC (not going to happen), there is no monetary benefit for a retailer to upgrade before their normal upgrade cycle.
Not sure if you've noticed, but a lot of retailers seem to have new credit card terminals now. Many of which could support NFC if they bother to turn it on. (I think it'll be a while before it's common everywhere but that has more to do with retailers still wanting to track customers without consent and a general resentment towards Visa and MasterCard than anything else.)
In London, UK, nearly every shop that has contactless terminals has either an ApplePay sticker in the window, next to the terminal or displayed on the terminals screen.
Most of the major banks have television adverts specifically for ApplePay.
Id say Apple Pay has arrived live and kicking here!
yes very much looking forward to this .. cool way to pay your friends or family or get them to pay up!
Some banks like Chase have p2p systems that lock you into having bank accounts with them. They aren't generally usable as p2p payment systems unless both parties have Chase accounts. No way Chase signs up for an Apple p2p system because that would dilute their lockin.
Some of us in Europe (albeit with our politicians only just in Europe!) have it!
Barclays have https://www.pingit.com/ which I guess is the sort of thing Apple might be looking at. 2019, too early for Barclays.
I beg your pardon, but sometimes it is quite difficult to think of UK as part of "Europe" since you keep you currency ...
BTW you are right, but is still a little since Germany, France, Italy and many others big countries are not included.
Cool ifio can use my bank to pay someone person to person. While Apple Pay is cool for person to person payments I would not want to use a cc for that.
Yup transfer is free whithin norway, for the rest of the commun marcket its nok 20 (aprox usd 2:30 for sepa (payments maid in eur to account in eu country)) not bad really
I'm not sure about other banks but Chase has had the ability to electronically transfer money into someone's account for years with no fee.
I hope my barbershop adopts it if/when it's available. Them square card readers hanging off the end of the phone are a real PIA
Bank
I totally disagree with this. I see Apple Pay more and more, especially as CC terminals are being upgraded to use with chip cards that seem to also include NFC.
If Square would've just come out with the Apple Pay accepting accessories earlier. Either way, you're right they are in trouble.
But I wouldn't be too worried as Apple isn't always a shoo-in for new services.
And just where is Square in use? AFAIK, it does not exist outside the USA. There is a whole big world outside the lower 48 states. In my frequent travels to the USA I have only seen 'Square' availability once and that was in Cheyenne. not exactly the retail capital of the West now is it?
Yet we see more and more availability from Banks for Apple Pay here in the UK. Big Adverts for Amex+Apple Pay on the London Underground at the moment.
As is in the US, shame that the retailers are taking so long to catch up.
Here's the problem... if Apple makes this really fast and simple to do, and can make it free to the consumer, then it's like giving cash.
The problem is, if retailers or small businesses know this, they will try to take payments this way as opposed to regular credit card payments (that they pay fees on) and that may make a the credit card people not happy at all.
Just saying.
The problem is, if retailers or small businesses know this, they will try to take payments this way as opposed to regular credit card payments (that they pay fees on) and that may make a the credit card people not happy at all.
Just saying.
1) Chip cards have been required since October 1... Not sure where you're getting your information from. And yes they are more secure than the mag-stripe cards.
2) Apple doesn't take 3% of each transaction, they take .015%
3) Square transactions don't take 3-5 days to complete, so wrong again.