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Apple Is In Talks To Launch Its Own Venmo (recode.net)
An anonymous reader quotes a report from Recode: The company has recently held discussions with payments industry partners about introducing its own Venmo competitor, according to multiple sources familiar with the talks. The service would allow iPhone owners to send money digitally to other iPhone owners, these people said. One source familiar with the plans told Recode they expect the company to announce the new service later this year. Another cautioned that an announcement and launch date may not yet be set. The new Apple product would compete with offerings from big U.S. banks as well as PayPal, its millennial-popular subsidiary Venmo, as well as Square Cash in the increasingly competitive world of digital money-transfers. Apple has also recently held discussions with Visa about creating its own pre-paid cards that would run on the Visa debit network and which would be tied to the new peer-to-peer service, sources told Recode. People would be able to use the Apple cards to spend money sent to them through the new service, without having to wait for it to clear to their bank account.
Idiots...
I'd rather not divulge my financial network to yet another Big Business.
Besides, if I'm going to send money to people digitally, then I'd rather use something like Bitcoin, which doesn't require the recipient to have an iPhone; hell, it doesn't even require the recipient to be a human—"On the Internet, nobody knows you're a refrigerator".
What's a 'Venmo'?
No, I won't google for it. I won't read the article, either. The summary should explain what a 'Venmo' is.
Venmo is some stupid "payments wallet for your mobile phone" kind of thing, you have probably never heard of it, and they probably paid for this story in an attempt to make themselves more relevant.
I would actually see this being built in to iMessage as an app.
It will be the same, but instead of sending your friends and family clumsy and boring US dollars, it will convert it to its own crypto currency Applebite. Which is just like US dollars but worth 10% less and only useful for products bought from your iDevice.
Millennials don't have any money, unless it's from their student loads for their useless liberal arts degree.
captcha: squeeze
without having to wait for it to clear to their bank account
Don't worry, the debt collectors and call centers assigned to harass you already have your iphone number.
This is only the beginning
WARNING: Smartphones have side effects--most of them undocumented.
Unfortunately a payment system that requires the person you want to pay to own a particular brand of phone (and not even a dominate or inexpensive brand) is automatically doomed.
It could only ever be used sometimes with some people.
Everyone will just stick to paypal and google wallet.
I've never seen anybody use Apple Pay, Google, or similar wallet services in the real world. In New Hampshire I bump into people regularly spending Bitcoin though (brick and mortar stores like Kirby Q in Alstead, 101 Local Goods, Local Burger, etc). I have not seen Dash or other crypto used either up to this point. The crypto currency I'm waiting on to develop is Z.Cash. Z.Cash has the math and anonymity behind it which is what makes me excited about it. It's gotten a bad wrap by idiots who don't understand it. There is always a certain level of trust and while one could retain control of certain aspects of it doing so would undermine the value of the currency and given that pump and dump is not possible due to the way payment of those involved is occurring over time it's highly unlikely anybody other than those with particular financial interests are actually criticizing it other than people who are merely furthering the spread of BS, inaccurate information, and FUD.
We don't need more of this proprietary payment garbage. We need person-to-person transfers between banks that are fee free and run through the ACH system. EVERY OTHER COUNTRY with a modern banking system has this! America is still in the 1990s:
http://penguindreams.org/blog/the-american-banking-system-is-still-in-the-1990s/
The word you want is "fewer", not "less".
It sounds more like a Google Wallet / Paypal competitor. What's the point of comparing it to some random product no one's ever heard of?