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This argument is interesting, but I don’t think it’s true. The App Store batches payments to bill the card once every few days (making $0.99 songs and apps cost
by dannyw 9y ago
This argument is interesting, but I don’t think it’s true. The App Store batches payments to bill the card once every few days (making $0.99 songs and apps cost effective), and Apple didn’t register as a money transmitter.
- TillE 9y agoRight, this is odd speculation completely divorced from anything Patreon or Jack Conte has said. Unless you're a lawyer or an accountant or something, it's silly to hypothesize that some legal requirement has doomed their heretofore successful business model.
- Animats 9y agoAmazon, Apple, Google, Intuit and PayPal are lobbying for national regulation of money transmitters to solve that problem. They have a lobbying front, "Financial Innovation Now", for this.[1] What they want reads like a giveaway to the "payday loan" business, though. They want federal preemption of state usury laws. [1] https://financialinnovationnow.org/wp-content/uploads/2017/04/fin-submission-crapo-brown-final.pdf https://financialinnovationnow.org/wp-content/uploads/2017/0...
- makomk 9y agoThere's some discussion of this in the Gratipay buy reports related to their issues, and apparently taking payments for goods and services is somewhat exempt from classification as a money services business.