Apple Pay person-to-person transfers will be free with debit card, incur 3% fee with credi...
This fall's launch of iOS 11 will include secure person-to-person money transfers authorized by Apple Pay, but if you use it with a credit card instead of debit, the service comes with a caveat: an industry-standard 3 percent fee.
Apple's fee, which was first reported by Re/code, is right in line with competitors such as Venmo and Square Cash. The 3 percent fee goes toward covering the overhead associated with credit card transactions.
For those who don't want a 3 percent fee tacked onto a person-to-person transfer, a debit card offers the same service with no fee.
Once money is transferred, it will be available in a prepaid "Apple Pay Cash" card through partner Green Dot. The cash card can be used to make Apple Pay purchases in stores, in apps, or on the web, or it can be transferred to the user's bank account.
P2P Apple Pay payments will be initiated through a dedicated app in Apple's Messages app in iOS 11. The service will even integrate with Siri's new machine learning capabilities, offering suggested amounts to send based on the context of conversations had within messages.
Apple's fee, which was first reported by Re/code, is right in line with competitors such as Venmo and Square Cash. The 3 percent fee goes toward covering the overhead associated with credit card transactions.
For those who don't want a 3 percent fee tacked onto a person-to-person transfer, a debit card offers the same service with no fee.
Once money is transferred, it will be available in a prepaid "Apple Pay Cash" card through partner Green Dot. The cash card can be used to make Apple Pay purchases in stores, in apps, or on the web, or it can be transferred to the user's bank account.
P2P Apple Pay payments will be initiated through a dedicated app in Apple's Messages app in iOS 11. The service will even integrate with Siri's new machine learning capabilities, offering suggested amounts to send based on the context of conversations had within messages.
Comments
Here's hoping people realize the likelihood of this.
I wouldn't expect Apple to use this company. Big mistake if they do, unless they were planning to buy out and then transform GreenDot, or is going to establish their own similar system, and just needed to name some entity now, adding a reliable mechanism before launch.
Where's the reference to Green Dot?
2) Will using a CC work like a purchase since it's going through Green Dot or will this work like a cash advance, which has higher interest rates and different term limits?
Again, wikipedia and someone posting on Amazon are hardly credible sources. Competitors, disgruntled employees, etc., can post anything they want. Are there any reputable studies, sources, etc.? It's hard to believe that Apple having its pick of partners would pick a company with a terrible reputation as a criminal scam to handle your money. But again, if you have a reputable source that Green Dot is engaged in criminal activity, I'll be glad to share with Apple as they need to know.
What is the exact URL for the webpage on Apple's website that describes in detail all of the fees?
But in answer to the specifics of your question, presumably this Apple Cash card will be just like any other bank card that allows the transfer of money, as opposed to holding virtual tokens.