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The Almighty Buck Apple

Apple Apparently Planning Mobile Peer-To-Peer Payment Service (thestack.com) 69

An anonymous reader writes: According to the Wall Street Journal, Apple is planning peer-to-peer services (paywalled) as an adjunct to its Apple Pay system. The company is said to be in talks with major banks including JP Morgan and Wells Fargo to develop a new framework that could be in place as early as 2016, and which would facilitate payment transfers directly between Apple devices such as the iPhone and the Apple Watch.
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Apple Apparently Planning Mobile Peer-To-Peer Payment Service

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  • by BarbaraHudson ( 3785311 ) <barbarahudsononline AT gmail DOT com> on Thursday November 12, 2015 @06:45PM (#50918061) Journal

    My bank has let people do that for some time. Then again, I'm in Canada ...

    • My bank has let people do that for some time. Then again, I'm in Canada ...

      Does that count as a $30 wire transfer? Cos Apple would loe a 30% cut of that!

      (I've been kind of shocked at Canadian banks wanting $30 to transfer money from one Canadian bank to another)

      • I've been paying my bills using my bank's iOS app for as long as it's existed. Apple doesn't take any cut of existing banking services, so I'm not sure why you would believe they'd take a percentage of this theoretical new service - it would be DOA in that case.

        I'm not sure if there's a significant demand for making person-to-person cash transfers, though. The only person I ever give any cash to is my daughter, and in any case I can do it through my bank's iOS app already.

        • They all make money on the data. Free payment is only free because you are the product.

        • I''m not sure if there's a significant demand for making person-to-person cash transfers, though. The only person I ever give any cash to is my daughter, and in any case I can do it through my bank's iOS app already.

          Baby sitter, friend picking up stuff for you at the store, settling a bet, paying your dealer (not exactly advisable), etc.

          • I''m not sure if there's a significant demand for making person-to-person cash transfers, though. The only person I ever give any cash to is my daughter, and in any case I can do it through my bank's iOS app already.

            Baby sitter, friend picking up stuff for you at the store, settling a bet, paying your dealer (not exactly advisable), etc.

            Splitting the lunch/dinner bill. At the drive though you transfer to the driver rather than passing cash. Or at a sit-down restaurant one person pays the bill with a credit card and the others transfer their portion of the bill to that person. Friends/co-workers have done this for many years, except we're usually passing cash to whoever paid. Internally we refer to it as friends ATM.

          • paying your dealer

            That was EXACTLY my first thought...

        • the article (yes, I read it!) says that apple is targeting a paypal-style service where they keep a service fee. They would displace the credit cards in this regard.

          • the article (yes, I read it!) says that apple is targeting a paypal-style service where they keep a service fee. They would displace the credit cards in this regard.

            So, how is that "peer-to-peer"? There seems to be a middle-man involved.

            • in terms of the way a computer network is built, it may not be "peer-to-peer" in that sense, but in terms of how the financial system operates, it is peer to peer. If you wrote me a check, I would have to go to the bank to cash it. But if you gave me apple dollars, I would not need to make a special trip to deposit them. Kind of like if you gave me cash.

      • A fee of $1.50 is charged to the sender for sending money to the recipient in Canada. No charge to the recipient.Can be done via email or app, pick your poison.

        Obviously, international transfers are going to cost more.

        Also, it's going to cost more if you use other methods.

        • $1.50 fee?

          Ouch!

          OK, sure, $1.50 CAD isn't much, but if you're transferring say $20 or less it's still a very significant amount. Not a sensible way to pay your buddy $5 for your share of pizza.

          Such transfers are free here in the UK.

          • For something like $20 or less, I think people would just reach into their pocket or purse. Or one person pays for the pizza, and the others pay it back in cash the next time they meet.

    • by ljw1004 ( 764174 )

      What does it mean for a bank to "let" you do peer-to-peer payments? Isn't that an oxymoron? If it's peer-to-peer why is a bank involved?

      • What does it mean for a bank to "let" you do peer-to-peer payments? Isn't that an oxymoron? If it's peer-to-peer why is a bank involved?

        Because the money you send is taken from YOUR BANK ACCOUNT, duh! Doesn't mean you can't just physically give them cash, but if they're elsewhere, or the cash is in your bank account, how else are you going to do it? Go to the bank, take out the money, and send it by courier?

        • by ljw1004 ( 764174 )

          Because the money you send is taken from YOUR BANK ACCOUNT, duh! Doesn't mean you can't just physically give them cash, but if they're elsewhere, or the cash is in your bank account, how else are you going to do it? Go to the bank, take out the money, and send it by courier?

          Then it's not peer-to-peer; it's peer-to-server-to-server-to-peer.

          • To the user, it appears to be peer-to-peer. Try telling the average user that it's client-to-server-to-server-to-client is too hard and they'd be afraid to use it because HAXORS ... that's also why people think "the cloud" is something new, instead of just another iteration of client-server, and "private personal cloud" is another name for an external hard drive.
  • by turkeydance ( 1266624 ) on Thursday November 12, 2015 @06:47PM (#50918093)
    or the pee-e?
  • by Anonymous Coward

    I am curious as to why banks have to be involved at all.

  • With Apple's market penetration, I can see this taking off where some previous offerings haven't done so well. I wonder about the logistics behind any such system, would you have to tie a checking account to your Apple ID? Would people be willing to do that?

    On a lighter note, I saw a recent episode of Drugs Inc. where they showed a cocaine dealer with his Square dongle plugged into his phone, bragging that he can take credit cards. Consumer to consumer micro-transactions are an interesting [To Read the Full

    • would you have to tie a checking account to your Apple ID? Would people be willing to do that?

      I know that people woudl be willing to do this, because this is how paypal works as well. Paypal is tied to my checking account and they can withdraw or deposit funds. that's why it's so dangerous to get your paypal hacked as compared to a CC.

    • by Jeremi ( 14640 )

      I wonder about the logistics behind any such system, would you have to tie a checking account to your Apple ID? Would people be willing to do that?

      Plenty of people have already set up iTunes and/or Apple Pay and tied either a credit card or a bank account to their phone for that; if Apple is clever they will leverage that somehow, so that their new feature doesn't require any additional signup above what Apple Pay or iTunes purchases already require.

  • I suppose Apple will think they can get away with taking 30% of each transfer.

    • I suppose Apple will think they can get away with taking 30% of each transfer.

      And it'll count as a $30 wire transfer too!

    • I suppose Apple will think they can get away with taking 30% of each transfer.

      Why? They don't do that for ApplePay transactions.

      Get over your Hater self.

  • would facilitate payment transfers directly between Apple devices such as the iPhone and the Apple Watch

    Don't they mean, payment between people? I don't see how transferring anything, especially money, makes sense from an iPhone to an Apple Watch.

    (I know what they meant: transfer from account holder to account holder via their devices... but an Apple Watch is just an extension of the phone, so is unnecessary to label it in this context.)

  • by Archangel Michael ( 180766 ) on Thursday November 12, 2015 @07:37PM (#50918363) Journal

    You mean like Google Wallet? Or am I missing something. Make it BitCoin and do something interesting.

    • Google Wallet is sure great for transferring money. In almost every case there are no fees, it works quickly and easily. You don't have to hook it up to your bank account. I can't even think of anything to complain about it, although surely there is something.
  • To be called, iOU I guess.

  • We do not have Apple Pay og Android Pay. But we have MobilPay and Swipp that is tranfert money to other for free. Or use in stores (Stores has to pay a small fee. but less the to the CC company. But free for private persons)

    MobilPay chage your debitcard and put the money in bank account (No fee for the Dankort Debit card) and Swipp is Bank account to Bank account.

    And beside that people can use there bank app to transfer money. Bank to bank transfer in Denmark is free.

    That said. The easy of just transferring

  • yay (Score:4, Insightful)

    by slashmydots ( 2189826 ) on Thursday November 12, 2015 @08:45PM (#50918701)
    Now they can steal your phone AND the rest of your money.
    • by Jeremi ( 14640 )

      Now they can steal your phone AND the rest of your money.

      Only if they also steal your access PIN, or one of your fingers...

      • Now they can steal your phone AND the rest of your money.

        Only if they also steal your access PIN, or one of your fingers...

        So, you're saying that I need to carry a pair of tin snips...

      • Or use one of a dozen security holes Apple will deny, lie about, pretend to fix, then make worse, then cover up and send out takedown notices to other websites about.
  • Apple is planning peer-to-peer services (paywalled)

    A paywalled peer-to-peer service, huh? Yeah, I'd say that sums up Apple pretty well.

  • You can already attach money in Gmail [google.com].

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