Person-to-person Apple Pay

[JReinn]

Quick backstory... I live in Denmark, where the Danish Bank created an application called "MobilePay" a few years ago. The functionality is identical to person-to-person Apple Pay coming in iOS 11. The difference is that your bank account is tied to your phone number and each transaction is transferred to your account instantly. You don't have to worry about "Apple Credits" and having to fill out a form or transferring the money to your account. It all happens instantly. "It just works".

Now I wrote this backstory because I'm not familiar with the American market for these types of apps. The Danish MobilePay solution works across all banks in Denmark. It is vital for Apple Pay's person-to-person success in Denmark, in my opinion, that they remove the need of having to transfer the funds to your account. It is such a hassle and many will end up with Apple's virtual currency stuck on their phone. Person-to-person transfers can be as little as $4-5 for a sandwich or a cup of coffee and I personally do not want to have to click on "transfer to my account" every single time.

The solution I offer is automatic transfer to your bank once a week. No matter what amount of Apple Credits you have, the surplus will be transferred to your account every single week. This would remove the hassle of having to cash out and actually make Apple Pay person-to-person usable in this market.

Anyone with similar thoughts?

 

[symphony]

Well first of all, you have no need to worry. Apple Pay peer to peer payment is exclusive to US only.

Secondly, having Apple Pay Cash is a nice idea by having a middle ground on where your funds go. As a Canadian I don’t think it will be possible for someone to transfer Apple Pay Cash funds to a Canadian bank, however I do have an American credit card so it seems like it’ll be possible for me to use this feature. By having Apple Pay Cash, I’m able to receive funds from American friends and have the funds placed in a card, and that card can likely be used online, my debit cards won’t work online unless it’s a credit card. And no one knows how the funds management for Apple Pay Cash works yet, but I doubt it would be difficult to transfer your money to an actual bank. It’ll seem more convenient when you use this Apple card while traveling. And Peer to peer payment is gonna be a whole lot more easier for us in Canada since we use E-transfer and it’s not quick and simple.

Thirdly, why not just stick to your mobile pay thing? After all, it’s strictly for iOS. So having your mobile pay thing will be a great backup since it’s universal.

 

[JReinn]

Well first of all, you have no need to worry. Apple Pay peer to peer payment is exclusive to US only.

Secondly, having Apple Pay Cash is a nice idea by having a middle ground on where your funds go. As a Canadian I don’t think it will be possible for someone to transfer Apple Pay Cash funds to a Canadian bank, however I do have an American credit card so it seems like it’ll be possible for me to use this feature. By having Apple Pay Cash, I’m able to receive funds from American friends and have the funds placed in a card, and that card can likely be used online, my debit cards won’t work online unless it’s a credit card. And no one knows how the funds management for Apple Pay Cash works yet, but I doubt it would be difficult to transfer your money to an actual bank. It’ll seem more convenient when you use this Apple card while traveling. And Peer to peer payment is gonna be a whole lot more easier for us in Canada since we use E-transfer and it’s not quick and simple.

Thirdly, why not just stick to your mobile pay thing? After all, it’s strictly for iOS. So having your mobile pay thing will be a great backup since it’s universal.

Did not know it was US only, thanks for clearing that up! I believe most will stick with our solution as you mention. I guess I like the intuitiveness of writing: "Hey, could you transfer $10 for the movies?" and them having an opportunity to do it directly. Even though you can send a transfer request I always write a message similar to the one above to remind the person to do it and in case the notification does not go through.

It'll be interesting to see how Apple Pay evolves because cross-country transfers could make it easier for many people.

 

[atwater]

From what I can see this is only a US thing, for now..

We have the same application here in Norway (Mobile Pay), but we also have an app called Vipps that does the same thing. If this functionality is ever coming to the nordic countries is only Apple that knows. But if they are going to release in the Nordic countries, I think Apple would struggle to compete to Vipps/Mobile Pay in Norway and Denmark and Swish in Sweden.

 

[lsutigerfan1976]

If any of you would like to test this feature by sending me money through the app. Let me know!

 

[lancastor]

Can you use person to person pay in the US with Beta 2?