With Apple Pay, the iPhone manufacturer in 2015 has launched its own platform for payment processing in retail and now also online. According to a new report from Recode, Apple is now also working on its own peer-to-peer service, similar to PayPal (.me), which could be called AppleCash.
Sending money as a billion-dollar business
The service is intended to enable users to send money quickly and easily via the Internet. While PayPal is known for such purposes in Germany, there are other well-known suppliers in the USA with Square Cash and QuickPay. PayPal is overseas with the purchased Venmo. The target group is large, PayPal Venmo and QuickPay are especially popular with young adults without their own credit card. Over the offerers were in the last year 17.6 respectively 28 billion US Dollar shipped, tendency increasing.
Apple would like no charges for users
These services enable the sending and receiving of money in many cases. Exceptions arise, however, if users leave the money from a credit card and not from a deposited bank account. In these cases, a percentage fee or small fixed amount is added to the sender.
However, as Recode wants to know from sources familiar with the matter, the manufacturer does not want to charge AppleCash for any fees from users. The service is free of charge for users. Conversely, this suggests that Apple accepts the relevant transaction fees itself, but therefore, when using the service via credit card draufzahlt paid and does not profit.
Own debit card planned
In order to avoid this and gain profit, Apple is to work alongside the pure service also on its own prepaid debit card, which users can deposit and postpone. For their own card, Apple had already spoken with Visa, so the Apple card would run over the financial institution’s debit infrastructure. Also sending via iMessage would be possible, similar to how it is solved with PayPal over your own app. The own prepaid card could also be used for Apple Pay and should give the service a boost. So far the payment service is to remain behind the expectations. For Apple Pay, Apple works with a variety of banks and calculates a charge of 0.15 percent for each transaction via credit card, as well as a small contribution to bank account payments.
The banks in the US were anything but enthusiastic about the alleged project: On the one hand, the banks escaped charges and thus revenues, on the other hand, one was afraid of Apple’s own debit card to be displaced, if users to pay in the business as well as for dispatch only on Apple’s card , Next week, Visa will hold an annual conference with partner banks, with the intention of showing their dissatisfaction on the aforementioned plans.
Users win as hurdles
However, Apple’s commitment is not yet guaranteed. According to Recode, the group would have to move users with a bonus program or similar offers to use Apple Cash. It is unclear whether Apple is ready to introduce appropriate programs. That banks or dealers do this for Apple, is also unlikely.