That thing about not wanting to be a bank or regulated may explain something that is, to me, missing from Apple Pay. That is:
I would love to be able to transfer cash from my ApplePay to my grandson's ApplePay using the newer ApplePay Cash -- but I can't because he doesn't have ApplePay! And, he won't have it till he's old enough to get a credit card.
It would be nice if I could simply sweep money into an Applepay cash account for him. But, it seems that that would bring Apple too close to becoming a bank. That's a too bad.
I wish Apple would become a bank. But with the power the credit card and banking industries wield Apple needs to tread carefully for a while.
A close friend of mine is a senior executive at a middle tier bank. He and others on the bank’s leadership team will sit in conference rooms for hours spending their creative juices trying to come up with new ways to nail their customers with additional fees: late payment fees, overdraft fees, ATM fees, statement fees, transfer fees, egregious currency exchange rates with additional fees, excess activity fees, check image fees, and the list goes on. This is how they make most of their money and these fees typically hit the least well off among us that are barely able to keep up with their living expenses.
If any industry needs to be disrupted it’s the banking and credit card industry. If Apple were to enter this space I have every reason to believe they would design their credit and banking services to put the customer first, as opposed to designing a transactional system to prey upon them.
Apple could instead have a credit union. They're not subject to all of the same laws as banks.
The big main 3 Australian banks still continue to collude and keep out ApplePay from their customers to protect their own selfish profits, thus continues to frustrate and disappoint.
That thing about not wanting to be a bank or regulated may explain something that is, to me, missing from Apple Pay. That is:
I would love to be able to transfer cash from my ApplePay to my grandson's ApplePay using the newer ApplePay Cash -- but I can't because he doesn't have ApplePay! And, he won't have it till he's old enough to get a credit card.
It would be nice if I could simply sweep money into an Applepay cash account for him. But, it seems that that would bring Apple too close to becoming a bank. That's a too bad.
He doesn’t need a credit card to use Apple Pay Cash, just a bank account with a debit card which you can get from most banks with a free checking account.
That thing about not wanting to be a bank or regulated may explain something that is, to me, missing from Apple Pay. That is:
I would love to be able to transfer cash from my ApplePay to my grandson's ApplePay using the newer ApplePay Cash -- but I can't because he doesn't have ApplePay! And, he won't have it till he's old enough to get a credit card.
It would be nice if I could simply sweep money into an Applepay cash account for him. But, it seems that that would bring Apple too close to becoming a bank. That's a too bad.
He doesn’t need a credit card to use Apple Pay Cash, just a bank account with a debit card which you can get from most banks with a free checking account.
I think you can even use APC without a bank account, so long as someone is sending you money through iMessage on iOS or watchOS.
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