I use Zelle only because customers and some friends prefer it; if they want to give me money, who am I to dictate to them how they should do it?
I hate it. It's kludgy and risky. Apple Pay in my Wallet is easy as pie, I don't see how the banks are going to beat Apple on this one. It has taken me no time at all to do all my transactions with Apple Pay, other than the handful like Target that make you pay thru their own app and the cheap mofo's who refused to buy the contactless terminals. I put up with that because 5% back; why on Earth would I bother with whatever kludgy crap these banks come up with, which won't beat the 2% or 3% back I get from AC and will surely be more difficult to use than Wallet.
How do you pay friends with Apple Pay and have the ability to transfer that to a bank account? Since you're comparing Zelle to Apple Pay, I assume there is a way to do that?
Paying your friends is as easy as sending them an iMessage; couldn't be easier.
When they send you money you can immediately turn around and use it to pay at a register with Apple Pay. So great!
I wish Apple did a better job informing people about Apple Pay and Apple Cash. I have friends that have “known” about Apple Pay but never used it. After I give them a little more info they try it and love it. Then I’ll find out those same friends have no idea about Apple Cash. Same thing, once they know they use it and love it. These 2 things have been available for years and far too many people know about them.
This effort is 100 percent about clawing back the 0.15 percent the banks (not you) have to pay Apple when someone uses Apple Pay. This cut comes from the 2-5 percent that the bank processors take from the merchant. So you if bought $100 of stuff from a store and paid for it with Apple Pay, Apple would get … drum roll … 15 cents. The bank would get somewhere around $3.85 (from an average of $4), and the merchant would get $96 (I’m ignoring sales tax to keep things simple).
I predict the banks will lose a few billion trying to compete on this.
I use Zelle only because customers and some friends prefer it; if they want to give me money, who am I to dictate to them how they should do it?
I hate it. It's kludgy and risky. Apple Pay in my Wallet is easy as pie, I don't see how the banks are going to beat Apple on this one. It has taken me no time at all to do all my transactions with Apple Pay, other than the handful like Target that make you pay thru their own app and the cheap mofo's who refused to buy the contactless terminals. I put up with that because 5% back; why on Earth would I bother with whatever kludgy crap these banks come up with, which won't beat the 2% or 3% back I get from AC and will surely be more difficult to use than Wallet.
How do you pay friends with Apple Pay and have the ability to transfer that to a bank account? Since you're comparing Zelle to Apple Pay, I assume there is a way to do that?
Too many cooks -- it's doomed to fail. But I'm guessing the banks are nervous about Apple's and Google's digital wallets someday replacing them. I suppose if Apple and Google add loans and investments to their wallets, brick-and-mortar banks won't have much purpose.
Well, or maybe more likely, gov’t controlled CBDCs and competing to see if they can get a piece of the action.
If we’re going to switch to something, hopefully we switch to a sound money solution, away from the sinking ship of increasingly devalued fiat.
ITGUYINSD said: Same with Venmo. No recourse under most circumstances of getting scammed. PayPal, for physical items, you have some protection, but not for payment of services.
The convenience of these services, though, is for friends/family to send money to each other. You can't really do that with a credit card. I can perform a service for a client and they pay me with Zelle which instantly appears in my bank account.
Just keep in context what we’re ultimately ‘paying’ for these conveniences and ‘protections.’ I’m currently reading “The Bitcoin Standard” by Saifedean Ammous, and when you start to understand the death, destruction, and instability/financial-ruin cased by our current fiat system, these things don’t look so great any longer. It’s just different kinds of ‘lipstick on a pig.’
And what hardware are they going to put it on……they making there own NFC dongle…..
They EU and the USA government in fact, all governments have their back through bribes, lobbying, and passing new laws that carve out a niche for them.
Greetings, JPMorgan Chase You know, the payment system you created for both in-store and online purchases but failed at both before closing down in early 2020. Didn't you attempt this previously?
In order to compete with Apple Pay, Chase developed an app called Chase Pay in November 2016 that supported both in-app and online payments. You may use your phone's QR code to pay at Best Buy or use Chase Pay to refresh your balance in the Starbucks app. No one utilised it, therefore the app was discontinued for in-store use in early 2020 and the internet component was discontinued on March 31, 2021. They gave it a shot, failed, and then forgot.
Comments
I wish Apple did a better job informing people about Apple Pay and Apple Cash. I have friends that have “known” about Apple Pay but never used it. After I give them a little more info they try it and love it. Then I’ll find out those same friends have no idea about Apple Cash. Same thing, once they know they use it and love it. These 2 things have been available for years and far too many people know about them.
If we’re going to switch to something, hopefully we switch to a sound money solution, away from the sinking ship of increasingly devalued fiat.