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

    MacRumors

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    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.

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    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

    sputnikv

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    what else is he supposed to say? "we think this is going to really cut into our profits" ?
     
  3. fokmik macrumors 65816

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    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

    acegreen

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  5. 4ubrey macrumors member

    4ubrey

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    Yeah... Steve Ballmer didn't think the iPhone would hurt Moto Q either.
     
  6. LewisChapman macrumors 6502

    LewisChapman

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  7. elvisimprsntr macrumors regular

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    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?
     
  8. LewisChapman macrumors 6502

    LewisChapman

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    Why do you think this then?

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

    SBlue1

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    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.
     
  10. Jsameds Suspended

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

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    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.
     
  12. elvisimprsntr macrumors regular

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  13. Zirel macrumors 68020

    Zirel

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    They really want to have those as their famous last words?
     
  14. ArtOfWarfare macrumors 604

    ArtOfWarfare

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    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.
     
  15. bellang macrumors member

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

    ThunderSkunk

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    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.
     
  17. swm macrumors member

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

    tigres

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    Apple should go after Ticketmaster next via P2P w/ iMessage.
     
  19. LordQ macrumors 68040

    LordQ

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    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
     
  20. Ries macrumors 68000

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    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.
     
  21. Rigby macrumors 68040

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    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.
     
  22. DTphonehome macrumors 68000

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    CEO: I don't believe this major threat to our business is a major threat to our business.
     
  23. Sasparilla macrumors 6502a

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    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...
     
  24. truthertech macrumors 6502a

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

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    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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