4 ms·
Apple Pay charges a fee as well. It also isn’t a payment system but a tokenization system similar to the chip on credit cards. Zelle was created by the big ba
by adrr 6y ago
Apple Pay charges a fee as well. It also isn’t a payment system but a tokenization system similar to the chip on credit cards. Zelle was created by the big bank which is why you don’t see it at the small local banks. None of the competitor banks(fintech) have zelle support and I guess this isn’t their choice. They have to move money by ach with is much slower.
Any payment/money movement system needs a license and you’re still bound by federal rules on AML and KYC. It makes it hard to support the cannabis industry. AML laws will force you to report large cash movements.
- kalleboo 6y agoThey may be referring to Apple Pay Cash, which is an iMessage-based venmo style service where you cash out via ACH or pay in stores using your Cash balance.
- conductr 6y agoSmall banks can integrate zelle, it’s their choice they’re not being locked out
- adrr 6y ago0.75 per transaction locks out the small banks. It would be the most expensive way to transfer money.
- monadic2 6y agoUhh my bank’s $30 to wire fee would beg to differ. Literally any fee less than that for a same-day transfer is worth it.
- conductr 6y agoI wasn’t aware of the cost TBH. I guess they can always develop their own zelle substitutes if they feel it’s worth it, not sure the economics of that are in their favor. Just saying you can’t ignore the upfront investment the builders put into creating and maintaining it while also pointing to the unit costs they charge the network partners. I’m sure it’s all negotiable with volume.
- kevin_thibedeau 6y agoZelle is just a facade on top of ACH.