Apple's New 'Just Text Them the Money' Ads Feature Apple Pay Cash

[ignatius345]

I just use Zelle now. It transfers money directly into people’s bank.

... AND it can’t be gamed easily, unlike Venmo!

Umm, hate to break it to you but:

https://www.nytimes.com/2018/04/22/business/zelle-banks-fraud.html

“I know of one bank that was experiencing a 90 percent fraud rate on Zelle transactions, which is insane,” said Genevieve Gimbert, a partner in PwC’s financial crimes unit. Most banks have strong authentication and fraud-detection controls for Zelle, she said, but some “just implemented it without any protections” like two-factor authentication and user-behavior monitoring.

Customers have to hunt on Zelle’s website to get to this red flag: “Neither Zelle nor the participating financial institutions offer a protection program for any purchase or sale conducted using Zelle.” Some banks, such as JPMorgan, don’t notify customers when new recipients are linked to their Zelle accounts.

Sticking with Venmo and/or Apple Pay, myself.
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How does your private banking information get protected from Zelle?

It doesn't, apparently.

 

[Westside guy]

Umm, hate to break it to you but:

https://www.nytimes.com/2018/04/22/business/zelle-banks-fraud.html

You should probably note that the issue there isn’t with Zelle itself - it’s the banks who added support without securing their end of things. Says that right in the article.

Venmo, on the other hand, is fundamentally exploitable due to transaction lag.

 

[the johnmc]

Son: "Mom, I need the new Mac Mini 2018 for college."
Mom: "What about Windows?"
Son: "Lol"
Mom: $500
Son: "No. The new ones are $6,300."
Son: "Mom?"

1. What new Mac mini?
2. Since when is a Mac mini ever that expensive?

 

[Coffee50]

These ads are pretty funny.

I personally don't use Apple Pay Cash, but certainly wouldn't be opposed tom it. (No one I know has it set up, lol.)

 

[ignatius345]

You should probably note that the issue there isn’t with Zelle itself - it’s the banks who added support without securing their end of things. Says that right in the article.

"Zelle is totally safe, but your bank's implementation of Zelle was may or may not be safe." Sounds awesome!

 

[stevet]

What? Are you sure you used Apple Pay Cash? I've never heard of a fee being associated with this service.

Yes, I'm sure. As someone else pointed out to me, if you use a credit card you are charged a fee, if you use a debit card you are not. I'll have to remember that.

 

[TomaxXamot]

Canada still waiting for Apple Pay Cash.....

Ah so that’s why I haven’t been able to get it to work (not that I put very much effort into trying, such as googling it).
If it’s not supported in Canada why is it there in Messages when you tap on the App Drawer??

 

[Macaholic868]

If somebody owes me money I’ll take cash or a check. Allowing Apple to hang onto your cash for even a day allows them to generate interest on your money. It’s similar to those in the USA who let Uncle Sam hang onto their money until they file their tax return. Why let them sit on your money for so long? I’d rather have the government slightly underwithhold and owe $50 on tax day than let them hang onto a few grand that I could be earning interest on. I’d love to know what percentage of funds stored in Apple Pay Cash actually wind up back in users bank accounts veresus the percentage of users who put some or all of it toward Apple products, services, content, the various app stores, etc.

 

[riverfreak]

Any of you Americano's know if you can Apple Pay cash from an Apple Pay eligible Credit Card directly to a person bank acct? Would be nice way to pay rent and get some points vs a cheque.

Sure, you can do this, and pay for anything else you want that normally requires a check. The problem is that you will pay a fee on top of the requested amount if you use a credit card as a funding source. This is standard across all the payment systems.

Long gone are the days of being able to pay things like mortgages fee-free on reward generating credit cards.

 

[0970373]

It’s too bad they impose a fee for every transaction. Just use Venmo, it’s free.

They only charge a fee if you use a credit card, same as Venmo, who is owned by PayPal.

 

[LizKat]

These ads are pretty funny.

I personally don't use Apple Pay Cash, but certainly wouldn't be opposed tom it. (No one I know has it set up, lol.)

Love the ads. No one I know has anything in their checking account past cover for this month's bills so they're unlikely to text me what to pay for a button never mind that lost shirt. But, I can see texting a nextgen what to cover a two-item grocery list I might ship along for when he's going to be in town and heading my way on his way home.