Sending money to friends in the UK, iOS 10

[lellis2k]

So, unfortunately the rumoured ApplePay send money to friends feature wasn't as expected, it was instead revealed as being implemented via 3rd party apps for iMessage.
The issue with that is that while most iPhone owners have signed up for ApplePay, I know of no 3rd party money-sending service that more than 5% of people have joined.

Does anyone know of a service that this could actually work for, without needing everyone to first register for it, or even one where though registration is required, topping up a balance is not. (I remember when Barclays PingIt sounded like a great idea, until we realised you had to top the account up before sending money.)
Maybe if PayM worked with it...

 

[lolkthxbai]

So, unfortunately the rumoured ApplePay send money to friends feature wasn't as expected, it was instead revealed as being implemented via 3rd party apps for iMessage.
The issue with that is that while most iPhone owners have signed up for ApplePay, I know of no 3rd party money-sending service that more than 5% of people have joined.

Does anyone know of a service that this could actually work for, without needing everyone to first register for it, or even one where though registration is required, topping up a balance is not. (I remember when Barclays PingIt sounded like a great idea, until we realised you had to top the account up before sending money.)
Maybe if PayM worked with it...

No. Because there is a 3rd party involved all parties will have to at some point register their bank account in order to send and receive money. This will most likely begin to create competition between payment apps in a race to get as many people to register as possible to become the dominant choice. Most of the people I know (in the US) use Square Cash and I always recommend it to people. I also know a few people that use Venmo and PayPal.

Apple is betting on this competition to accelerate the growth of payment services to make it more ubiquitous.

 

[GreyOS]

paym seems to be quite widely supported by banks and simply ties your account to your mobile number, the one detail you're most likely to have of your contacts (and they'll have yours).

it's usually integrated into bank apps- i know this is the case for at least hsbc and natwest. so in theory it should just be a case of those bank apps updating to take advantage of the imessage and siri payment api. whether they will or not...

 

[bigchrisfgb]

Apple have patented an Apple Pay p2p system. I have no doubt that it will come out, be it with the rollout of iOS 10, a later iOS 10. Release, or even iOS 11 or further. I do wonder if in the contracts they have signed with the banks it includes p2p payments, or if they will have to go back to them to get permission, or if they even need permission.

 

[magicMac]

paym seems to be quite widely supported by banks and simply ties your account to your mobile number, the one detail you're most likely to have of your contacts (and they'll have yours).

it's usually integrated into bank apps- i know this is the case for at least hsbc and natwest. so in theory it should just be a case of those bank apps updating to take advantage of the imessage and siri payment api. whether they will or not...

Exactly. This would be perfect, it is the cross platform system in the UK And is already tied to your phone number so would fit in VERY nicely with iMessage should the banks update their apps.

Looks like monzo/mondo are doing an iMessage app..
https://community.monzo.com/t/sneak-peek-p2p-payments/55?page=2
They just got their banking licence as well.

 

[Floris]

Even being able to give someone from a different country a gift via app store would be a good first step. They don't do that, why would they do this

 

[thewitt]

Money laundering laws are tightening, not loosening up. Moving money between countries is not likely to get easier any time soon - as even gift card amounts are controlled...

 

[lellis2k]

Thanks everyone, great input. People seem to carry cash less and less now, it seems like we're highly in need of a simple, universal p2p money app, let's hope Apple or PayM comes through!

 

[DiscoMcDisco]

paym seems to be quite widely supported by banks and simply ties your account to your mobile number, the one detail you're most likely to have of your contacts (and they'll have yours).

it's usually integrated into bank apps- i know this is the case for at least hsbc and natwest. so in theory it should just be a case of those bank apps updating to take advantage of the imessage and siri payment api. whether they will or not...

I very much wanted to just say I'll send you £200 now, have the text be parsed and then auth with touch id. Whatever happens needs to be simpler. Hopefully, ApplePay will be the app developed and available and that'll go some way to sorting it.

PayM works great, but can only have one bank and one number associated (and it'll always be the first bank you register it with). This is a very annoying limitation. If they expanded it to send me a text back saying "Which account would you like to send/receive money from <contact>?" then I'd be happier with it.
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Exactly. This would be perfect, it is the cross platform system in the UK And is already tied to your phone number so would fit in VERY nicely with iMessage should the banks update their apps.

Looks like monzo/mondo are doing an iMessage app..
https://community.monzo.com/t/sneak-peek-p2p-payments/55?page=2
They just got their banking licence as well.

Monzo is really interesting, as they grow up I'll likely switch a lot to it. Was impressed during the beta.