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Apple Working on Mobile Person-to-Person Payment Service

Recognition said:
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.
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I think you are saying if they had contactless payments already that they are quickly adopting Apple Pay, which is great.

My point is that we will eventually get contactless payment terminals in mass but only when those terminals were planned due for an upgrade. I know that Apple lists many retailers in my area as supporting Apple Pay and some of them have contactless terminals but when you go there, no luck. In my area, about an hour West of Philly, AP works at McDonalds, Staples and Coke Machines, that is about it. Travel an additional hour outside of a major city and it will be a decade until those retailers spend money to upgrade their terminals.
 
NY Guitarist said:
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.
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By your username, I assume you are in NY. I am in the western burbs of Philly, adoption is very slow.
 
StevieD100 said:
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.
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Who says this would be available internationally right away? I seem to remember more than a few Apple services that took some time getting overseas. I also think you're conflating Square merchant services with the Square cash app. I think the app is available wherever.

My point is Apple would be better off making the services cross platform. Google and MS do it to drive people to their services. Apple did it with iTunes so people would buy more iPods. Don't know why they don't do it more.
 
milaround said:
That's not the point. He's right that it would be DOA. Look at Venmo; It works between iOS, Android, Windows phones, etc. and is free to use without fees. There would be no advantage, or reason, to use Apple's iOS-only app when other solutions like Venmo are superior in every conceivable way.
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Was iMessage also DOA? How about FaceTime? Do either of these offer any more advantage than WhatsApp or Skype?

Why in the world anyone would publicly say that this iOS-only solution would be DOA when history shows all other iOS-only solutions to be a resounding success is beyond me. And, by the way, the only reason why Apple Pay hasn't blown up yet (and it will) is because retailers have been slow to adopt it...they want to delay buying new terminals as much as possible.
 
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This could be brilliant. I don't carry cash, and logging on to transfer money takes time, especially for a new recipient. Something as easy as Apple Pay to Apple Pay between two devices could be a killer feature.
 
macnewbie91 said:
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.
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No, they aren't more secure.

http://www.chicagotribune.com/business/ct-chip-cards-0927-biz-20150925-story.html
http://www.wired.com/2015/09/big-security-fix-credit-cards-wont-stop-fraud/
https://www.washingtonpost.com/news...-credit-card-may-not-be-as-safe-as-you-think/

I never said that Apple takes 3%. Not sure where you're pulling that number from but I never stated such.

The way Square ties into your bank account is different from that of PayPal which allows different transfer times. I was talking about PayPal which was the topic of conversation. You came along and started randomly talking about Square.
 
Cuban Missles said:
Currently my exclusive use of Paypal is to send my daughter money to help her out. If I could do this through another means it would be better. Paypal take several days to deposit the money into her account. If apple does this in a way that the deposit would be quicker, it would eliminate my need to Paypal altogether.
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It's never taken days to send someone money in Paypal.
 
OldSchoolMacGuy said:
No, they aren't more secure.

http://www.chicagotribune.com/business/ct-chip-cards-0927-biz-20150925-story.html
http://www.wired.com/2015/09/big-security-fix-credit-cards-wont-stop-fraud/
https://www.washingtonpost.com/news...-credit-card-may-not-be-as-safe-as-you-think/
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Actually they are more secure. There's a one time encryption code for each transaction. Not to mention you can't clone the chipped card nearly as easily.

For first article says "Chip Cards aren't Safer -- YET" except in places that actually use them such as Walgreens, Rite Aid, Best Buy, Walmart, and Target.

Your second and third articles are comparing chip and signature cards to chip and pin. Chip and signature cards are still much more secure than the traditional mag-striped cards.

If these cards weren't safer, there wouldn't be a push to mainstream them.

You're the same guy who thought the liability shift wasn't until "later in 2016," too.

You're one of "those" people aren't you?
 
OldSchoolMacGuy said:
No, they aren't more secure.
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They are indeed more secure, even if they're only Chip and Sign, because chip cards are (for now at least) harder and more expensive to clone. The tools a thief needs to clone a mag strip card are cheap and plentifully available. For the moment, that's not true of chipped cards.
 
Ray Brady said:
They are indeed more secure, even if they're only Chip and Sign, because chip cards are (for now at least) harder and more expensive to clone. The tools a thief needs to clone a mag strip card are cheap and plentifully available. For the moment, that's not true of chipped cards.
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I wouldn't even bother. The guy thought the liability shift takes place next year.
 
MacRumors said:



Apple is in talks with U.S. banks over a potential person-to-person mobile payments service, reports The Wall Street Journal. Such a service would perhaps be positioned as an expansion to Apple Pay, and it would allow people to send each other payments, much like PayPal's Venmo or Square's Square Cash service.

apple-pay-800x500.jpg

Little is known about the talks at this early date, but The Wall Street Journal says communication between Apple and the banks is ongoing and it's not known if Apple has inked any concrete deals. Apple is said to be speaking to Chase, Capital One, Wells Fargo, and U.S. Bank, but key details "remain in flux" and the technical details still need to be worked out. Person-to-person services like Venmo and Square Cash are used for personal payments and are useful for things like paying back a friend who bought dinner or splitting a rent payment. With Apple's system, iPhone and iPad owners could perhaps use Apple Pay to send secure payments to one another from a checking account.

A launch date for the service is unclear as of yet, but Apple may be targeting a 2016 debut.

Article Link: Apple Working on Mobile Person-to-Person Payment Service
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MacRumors said:



Apple is in talks with U.S. banks over a potential person-to-person mobile payments service, reports The Wall Street Journal. Such a service would perhaps be positioned as an expansion to Apple Pay, and it would allow people to send each other payments, much like PayPal's Venmo or Square's Square Cash service.

apple-pay-800x500.jpg

Little is known about the talks at this early date, but The Wall Street Journal says communication between Apple and the banks is ongoing and it's not known if Apple has inked any concrete deals. Apple is said to be speaking to Chase, Capital One, Wells Fargo, and U.S. Bank, but key details "remain in flux" and the technical details still need to be worked out. Person-to-person services like Venmo and Square Cash are used for personal payments and are useful for things like paying back a friend who bought dinner or splitting a rent payment. With Apple's system, iPhone and iPad owners could perhaps use Apple Pay to send secure payments to one another from a checking account.

A launch date for the service is unclear as of yet, but Apple may be targeting a 2016 debut.

Article Link: Apple Working on Mobile Person-to-Person Payment Service
Click to expand...

In the UK person to person, business to business bank transfers are routinely done. Checks are obsolete. The transfers occur within an hour. People and vendors share sort code and account numbers. There is no third party float for a few days. It works. In the same way Apple disrupted the cell phone business, the US banking system is about to be shifted.
There is no fee for this service (saves banks processing costs) just as there are no ATM fees in the UK regardless of your bank. This is not just "to pay back friends" but a substantial shift in the way banking payments are made. It is making the bank "wire" commonplace, which is brilliant for these transactions. There would be no need for companies that offer to send money in two days for $4 and five days for $2 bucks. I'd settle your invoice via direct bank payment. You'd see the money within an hour in your account.
 
Glassed Silver said:
I'm not paying someone because they have an iOS device, I'm paying someone because I owe them money.

If this is a hit and miss scenario (works with some, with others not) I'll be tempted to just use whatever works with whoever I see, mostly that's cash or maybe even Paypal - device-agnostic. (desktop browser works too if all else fails)

Glassed Silver:mac
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But this sounds like it would make it easier to transfer money iPhone to iPhone.

You're saying that's a bad idea - and you'll use a slower method that's platform agnostic?

'You have an iPhone, so I could transfer you the money in a second using Apple Pay, but I'm going to pretend you have an Android, and log onto Internet banking.'
 
SirCheese said:
It's never taken days to send someone money in Paypal.
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Depends at how you measure. I can log in and send money in 2 minutes or less. Paypal then takes 3-5 days before the money is actually deposited and available in the bank for my daughter to withdraw cash. So by my measure it is 3-5 days. If she was going to pay through paypal, then it would likely be shorter, but rent and student loans are not things that accept paypal which is why she need to wait until available in her bank.
 
Cuban Missles said:
Depends at how you measure. I can log in and send money in 2 minutes or less. Paypal then takes 3-5 days before the money is actually deposited and available in the bank for my daughter to withdraw cash. So by my measure it is 3-5 days. If she was going to pay through paypal, then it would likely be shorter, but rent and student loans are not things that accept paypal which is why she need to wait until available in her bank.
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You didn't specify to the bank.
 
Can't wait for this to get hacked by somebody. Walk down the street and extract cash from people's checking accounts via NFC. Difficult? Surely. Possible? I think it likely that somebody is developing malware right now that would allow NFC communication without the user knowing it. Probably masked as a free game.
 
gaximus said:
And if the other person doesn't have the same bank?
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Is this a clever way to higlight the shortcomming of what this news is about or an unintelligent question?
thekeyring said:
But this sounds like it would make it easier to transfer money iPhone to iPhone.

You're saying that's a bad idea - and you'll use a slower method that's platform agnostic?

'You have an iPhone, so I could transfer you the money in a second using Apple Pay, but I'm going to pretend you have an Android, and log onto Internet banking.'
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I don't get it, Paypal Gifts is a) free and b) just as fast.

I mean, sure if it's built in, it could work, but Paypal also lets me use my bank account (where ultimately all my money is anyways) as a source. (that or my Paypal balance, the credit card adds fees into the mix, however why pay on credit, if I can pay debit. For us Europeans that's much more natural anyways.)

Glassed Silver:mac
 
Glassed Silver said:
Is this a clever way to higlight the shortcomming of what this news is about or an unintelligent question?

Glassed Silver:mac
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Not an unintelligent question, my bank has a service that allows free fund transfers between members, but there is a charge to transfer between banks, because transferring funds between banks uses the wire transfer protocol which isn't free for most banks.
 
gaximus said:
Not an unintelligent question, my bank has a service that allows free fund transfers between members, but there is a charge to transfer between banks, because transferring funds between banks uses the wire transfer protocol which isn't free for most banks.
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Holy ****.

I don't know where you live, but I'm glad my transfers here in Germany are free of charge in all of Europe. (to be precise: SEPA-wide)

Glassed Silver:mac
 
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