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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.

paypal-ceo-image-800x498.jpg

“We’re technology agnostic,” he said in an interview with The Telegraph. “Many individuals are [a] multi-operating system; they can have an Android phone, a Microsoft PC and an Apple tablet. You don’t want a different payment methodology on each of those things … you want a consistency across that.

“We try to offer a consistent value proposition, that’s end-to-end, across operating systems and device type. It’s a powerful advantage we have.”
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."
Unlike Venmo, Apple’s service will not work on Android phones or Windows laptops, and whereas Apple has to work with credit card companies to make payments, PayPal controls several parts of the payments process, such as risk assessment and customer protection.

“We own the full value proposition, Apple can never do that because they don’t do the risk associated with it, they don’t do the onboarding, they can only provide what they hope is a good user interface. We try to provide that end to end value proposition and very importantly we do it across operating systems.”
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
 
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elvisimprsntr

macrumors 6502
Jul 17, 2013
415
586
Florida
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?
 
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LewisChapman

macrumors 6502a
Jan 10, 2015
600
861
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?

Why do you think this then?

The P2P payments appear to be free but the CC fees are at 3%.
 
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CaTOAGU

macrumors 6502a
Jul 15, 2008
739
813
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.
 
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ArtOfWarfare

macrumors G3
Nov 26, 2007
9,275
5,415
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.
 
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ThunderSkunk

macrumors 68040
Dec 31, 2007
3,159
2,886
Milwaukee Area
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.
 
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swm

macrumors 6502
May 29, 2013
426
723
emm, maybe business chat for consumer support and refund/rebate through P2P payment in iMessage?
 
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LordQ

Suspended
Sep 22, 2012
3,582
5,651
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
 
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Ries

macrumors 68020
Apr 21, 2007
2,256
2,706
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.
 
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Sasparilla

macrumors 68000
Jul 6, 2012
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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...
 
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truthertech

macrumors 68020
Jun 24, 2016
2,109
2,263
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.


A billion iOS devices is a small user base?????
 
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