PayPal CEO Doesn't Think Apple Pay's Peer-to-Peer Payments Update Will Hurt Venmo

Discussion in 'iOS Blog Discussion' started by MacRumors, Jun 19, 2017.

  1. MacRumors macrumors bot


    Apr 12, 2001

    In a new interview with The Telegraph, PayPal CEO Dan Schulman discusses a wide range of topics covering the origins of the company, its history with eBay, and potential competition with Apple in the peer-to-peer payments space. PayPal owns Venmo, one of the most popular P2P payments apps available today across iOS, Android, and the web, and Schulman cited this availability across various operating systems as a "powerful advantage."

    Schulman said that many users have a variety of devices sold by different companies, and the ability for Venmo to be on all of them is where it will stand out from Apple Pay's upcoming P2P update, which will be able to send money through Messages only on Apple devices.


    PayPal and Venmo also control several parts of a payment process made through its apps, including risk assessment and customer protection. Shulman stated that the company owns "the full value proposition" of a payment made between users on Venmo, while Apple "can only provide what they hope is a good user interface."
    Apple Pay's P2P update is set to launch this fall with iOS 11. During the announcement at WWDC, Apple said that when users get paid they will receive money in a new "Apple Pay Cash" account, which they can then use instantly to make a purchase using Apple Pay in stores or online, send as a payment to someone else, or transfer it from Apple Pay Cash to their bank account.

    Article Link: PayPal CEO Doesn't Think Apple Pay's Peer-to-Peer Payments Update Will Hurt Venmo
  2. sputnikv macrumors 6502


    Oct 3, 2009
    what else is he supposed to say? "we think this is going to really cut into our profits" ?
  3. fokmik macrumors 68000

    Oct 28, 2016
    Apple is offering this as an alternative between ios users...not to compete with others
    My god, everybody feels threaten by Apple and need to come up and say some words
  4. acegreen macrumors regular


    Jun 25, 2015
  5. 4ubrey macrumors member


    Jun 23, 2010
    Yeah... Steve Ballmer didn't think the iPhone would hurt Moto Q either.
  6. elvisimprsntr macrumors regular

    Jul 17, 2013
    Although I have not read it anywhere, I think Apple is picking up the CC fees for P2P payments.

    What are the fees for PayPal’s (Venmo) P2P payments?
  7. LewisChapman macrumors 6502a


    Jan 10, 2015
    Why do you think this then?

    The P2P payments appear to be free but the CC fees are at 3%.
  8. SBlue1 macrumors 65816


    Oct 17, 2008
    I try to avoid PayPal as much as I can since there is no way to get help and lose your money once a problem happens.
  9. Jsameds macrumors 68040

    Apr 22, 2008
    But, but, but the iPhone doesn't appeal to business users because it doesn't have a keyboard...
  10. CaTOAGU macrumors 6502a

    Jul 15, 2008
    Manchester, UK
    Next up, a man who's taken to arguing with swarms of angry wasps remains adamant the, excruciatingly painful soars all over him, are completely unrelated to this activity.
  11. elvisimprsntr macrumors regular

    Jul 17, 2013
  12. Zirel Suspended


    Jul 24, 2015
    They really want to have those as their famous last words?
  13. ArtOfWarfare macrumors G3


    Nov 26, 2007
    100% of all Venmo transactions I've taken part in were all between iPhones.

    Granted, I've only had two of them, but still. I'll probably use whatever Apple offers next time.

    The Android users I know don't use Venmo.
  14. bellang macrumors member

    Jun 22, 2005
    However, it looks as though Apple's offering will also work outside the US. Venmo however....
  15. ThunderSkunk macrumors 68020


    Dec 31, 2007
    Colorado & Ontario
    After 15 or so years of using both on a daily basis, paypal and ebay are my least favorite companies on earth. Paypal isn't quite as big a disaster as ebay, which should be razed to the ground, burned, and salted over, but it's close. I can't even imagine Apple Pay becoming a formidable rival to paypal in the marketplace with its relatively small user base, but this country is one of the last to get a decent peer-to-peer payment service, (thanks banking lobbyists) and I hope Apple figures out a way to bring the USA up to the level of oh I dunno, Namibia or Tanzania, for a start. Baby steps, USA.
  16. swm macrumors regular

    May 29, 2013
    emm, maybe business chat for consumer support and refund/rebate through P2P payment in iMessage?
  17. tigres macrumors 68040


    Aug 31, 2007
    Land of the Free-Waiting for Term Limits
    Apple should go after Ticketmaster next via P2P w/ iMessage.
  18. LordQ Suspended


    Sep 22, 2012
    I so wish Apple Pay and this P2P feature was worldwide already, I freelance with people from Europe and rely on PayPal for my payment but they take a lot of commission :C
  19. Ries macrumors 68000

    Apr 21, 2007
    Apple Pay doesn't even work in my country. We have a nation wide P2P app that also works with android and costs nothing to use, Apple wouldn't have a chance here.
  20. Rigby macrumors 601

    Aug 5, 2008
    San Jose, CA
    He has a point. Unless Apple opens up iMessage, things like sharing a bill in a restaurant with friends will rarely be possible for me with Apple Pay, since there are almost always people with Android phones in the group.
  21. DTphonehome macrumors 68000

    Apr 4, 2003
    CEO: I don't believe this major threat to our business is a major threat to our business.
  22. Sasparilla macrumors 6502a

    Jul 6, 2012
    As long as Apple keeps iMessage only on their own platforms, he's totally right. But Apple has a history of moving onto other platforms if it will help their goals (quicktime, iTunes)...Apple should move iMessage onto other platforms - at which point Venmo would be in big trouble. JMHO...
  23. truthertech macrumors 65816

    Jun 24, 2016

    A billion iOS devices is a small user base?????
  24. matt3526 macrumors regular

    Mar 7, 2011
    Here's the thing. I'd never heard of Venmo, but I did hear that apple was starting to offer p2p payments. I guess I'm not alone with that

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