Originally Posted by
wco81
Article is mostly about some money transfer service.
How often do people give money, either real or virtual, to other people?
Well sure people ask their friends and relatives to "lend" them money all the time but why would they want to facilitate that?
What's next, panhandlers going to hold out their smart phones so you can tap them some virtual cash?
Anyways, one of the reasons people mostly use credit cards are for rewards. Cash and debit cards don't give you rewards and they usually don't get you discounts for not using credit cards.
So what's the point?
It's solving a different issue. As everyone probably knows, ACH is a slow and painful way of transferring money--not to mention that a lot of banks and payees charge you for the privilege. Before stuff like Venmo came out, people would have to resort to using cash or checks to, say, split bills.
Anyway, I can see an Apple peer to peer payment thing getting traction, especially if it's hooked into iMessage. Google already has Google Wallet, for instance. Plus, if there's a prepaid debit card attached to Apple Wallet (or whatever it gets called), it might increase Apple Pay use at the same time; a lot of people don't actually care all that much about rewards and would give them up for the convenience of not having to wait the 2-5 business days to cash out.