16 ms·

Apple Cash

167 points by jeanniesarah 4y ago

deleted 4y ago
[deleted]
jibbers 4y ago
New marketing site for Apple Cash? Looks like they also added https://www.apple.com/wallet/ https://www.apple.com/wallet/ and https://www.apple.com/apple-pay/ https://www.apple.com/apple-pay/.
needfood 4y ago
[flagged]
bubblecheck 4y ago
- Skyboxer 4y ago
lawgimenez 4y ago
You can check the participating banks worldwide here: https://support.apple.com/en-us/HT204916 https://support.apple.com/en-us/HT204916 Just want to post it since Apple kinda buried it deep down.
- george_perez 4y ago
  That's the list for Apple Pay, not Apple Cash. Apple Cash is US only.
5822130027 4y ago
pkulak 4y ago
Really silly and not related, but I've tried half a dozen of these things for managing my kid's allowance and general spending, and they have all been a PITA. Either my kids can't sign up without a drivers license and credit check, or they can't send money to me or between themselves, or something else entirely. Maybe Apple has fixed this, but I do remember also trying Cash, and there was some deal breaker for my use. Anyway, I ended up just writing a Matrix bot* that's a glorified spreadsheet. It's 600 lines of Rust, or probably 100 of Python. Works a treat! * https://github.com/pkulak/bots/blob/main/src/bots/money.rs https://github.com/pkulak/bots/blob/main/src/bots/money.rs
- callmeed 4y ago
  Have you not tried Greenlight? My 3 kids have had greenlight cards since they were 12. The mobile app UX isn’t great but it checks all the boxes on features. Few products have made our personal lives so much easier. Not having to ever get/give cash for them is amazing.
  - pkulak 4y ago
    Yeah, that was one of the first. But my kids couldn’t send me money, which sucks cus it’s my CC in Steam/Nintendo/etc, and I don’t want to have to add 2 more everywhere.
    - andrewaylett 4y ago
      We have our children pay us using a card payment terminal. Ours is from SumUp, I know plenty of other brands do them too. I'm happy to eat the transaction costs for the ease of use. A terminal should work with any product that functions as a debit card, pre-pay or not. As it happens, my children do have actual current accounts behind the cards they use. But it seems like UK banking is becoming less willing to issue full-spec debit cards to younger teens :(.
- CompleteWalker 4y ago
  Not sure about the age requirements or other account specifics, etc. But it seems like you should be able to use Apple Cash for allowances and such From the FAQ: >How do I add money to my Apple Cash card? >If you’re under 18, money is added to your Apple Cash card only when someone sends you money.
senectus1 4y ago
looks like a digital debit "gift card" system. Smart. Its a clever way to deal with legal boundaries on transferring money. Should be interesting to see them get it past Australian regulations.
- iancarroll 4y ago
  Not sure about AU, but in the US, Apple is a registered money transmitter[0] because of this service. Doesn't seem like they are avoiding anything compliance wise. [0] https://dfpi.ca.gov/money-transmitter-division/directory-of-money-transmitters/ https://dfpi.ca.gov/money-transmitter-division/directory-of-...
behnamoh 4y ago
interesting to see Apple venture into SERVICES rather than PRODUCTS. it’s typical “milking” strategy: get as much as you can from the success of iphone before it’s too late. as long as these services keep bringing cash to the company, I don’t think Apple will introduce yet a new category of products, such as Apple Glasses.
- 1123581321 4y ago
  I don’t think that theory will pan out. The AR product is expected this year, with VR to follow.
- relyks 4y ago
  I think they’ll keep introducing new services and products. It’s actually in Apple’s best interest to venture into as many different services, products, and new revenue streams as humanly possible, so that Apple can continue growing. Stagnation will lead to unhappy shareholders…
braingenious 4y ago
To be clear, this is in practice basically a competitor for Venmo/Cash App/Paypal, but built into your iphone? I only did a cursory glance at it but is there an Android app planned for this? In my experience, people want to send money to one another across different mobile OSes.
- warning26 4y ago
  Yup, pretty much. I can't imagine how Apple concluded that "It's exactly like Venmo in every way, but it only works for people with iPhones!" would make a particularly compelling value proposition.
  - ceeplusplus 4y ago
    That's basically iMessage vs. FB Messenger/WhatsApp/Signal/SMS.
  - Biologist123 4y ago
    Venmo not available to me in Europe. Can’t wait to have Apple Cash. Like mobile money in Africa, various service providers will jump up to allow cross wallet transfers.
    - konschubert 4y ago
      People use paypal for this in Europe EDIT: Ok, maybe just in Germany. And just to be clear: Paypal is an adverse company that tries to trick its users on every page.
      - _rutinerad 4y ago
        I live in Northern Europe and I've never heard of anyone using Paypal for anything other than paying for things online. Each country has their own specific service that the majority uses (MobilePay, Siirto, Swish, etc).
        4y ago
user_named 4y ago
A bit of a product marketing snafu by Apple if I may say. 1. Apple Cash is apparently not cash, nor a wallet, but a card that is stored inside wallet. 2.There is already Apple Wallet, Apple Pay, Apple Card. It looks to me that they're all the same. Why can't I Pay with the Cash in my Wallet. Or can I?
- duskwuff 4y ago
  > Why can't I Pay with the Cash in my Wallet. Or can I? You can. In fact, if you're using Apple Card, the cash-back rewards show up as Apple Cash.
  - user_named 4y ago
    Yeah I was guessing that's possible. I mean that the separation of these into separate products seems confusing when they're actually one.
    - duskwuff 4y ago
      > when they're actually one. They are not. Apple Cash does not require the user to have an Apple Card.
      - WorldMaker 4y ago
        Right, and part of why we're talking about Apple Cash right now is that Apple is expanding the reasons to use Apple Cash even without Apple Card. New features like person to person payments and Family Apple Cash accounts don't require Apple Card at all and are Apple Cash-focused features.
- ryandrake 4y ago
  > 1. Apple Cash is apparently not cash, nor a wallet, but a card that is stored inside wallet. 2.There is already Apple Wallet, Apple Pay, Apple Card. Nobody in technology, at least in the USA, seems to be able to make the marketing for their "payment things" understandable. On the Google side, there is (or was) Google Wallet (OG), Android Pay, Google Pay, gPay, now Google Wallet (new). I don't know which one I should be using, or what each one deliberately can't do. Some handset makers have their own apps: Samsung Pay, for example. Then, there's the individual apps: Venmo, PayPal, Square Cash, Zelle, Xoom... A web search shows there are probably a dozen more, all incompatible with each other. It's like VHS vs Betamax and HD-DVD vs. BluRay all over again, but instead with 20 different formats. How has this industry so royally fucked up something that should be pretty straightforward?
phinnaeus 4y ago
This is a rebranding of Apple Pay Cash, which launched in 2014. Not sure if there's much in the ways of new features.
- divbzero 4y ago
  Yes, Apple has had this for awhile, but apparently there was an underlying change in April when the service shifted from Discover to Visa [1]. [1]: https://en.wikipedia.org/wiki/Apple_Pay#Apple_Cash https://en.wikipedia.org/wiki/Apple_Pay#Apple_Cash
supernova87a 4y ago
Can I send US$ to someone in a different country? How does that work?
- sgjohnson 4y ago
  You can't, it's only available in the United States
  - AA-BA-94-2A-56 4y ago
    Non-starter then
tcmb 4y ago
From the FAQ: "send and receive money in Messages or Wallet. The money you receive appears on your Apple Cash card in Wallet." Can I get the money out of Apple Cash, except for spending it via Apple Pay? Can I withdraw the money to a bank account? If not, I find it a bit limiting. If someone sends me money via Paypal, I can transfer it to my bank account and withdraw it from an ATM, or use it to buy stocks, or donate it to some organization that doesn't take Apple Pay payments...
- kalenpw 4y ago
  Yes, you can transfer it to your bank. Works just like Venmo or PayPal
- M4v3R 4y ago
  The article answers your question (yes, you can) and links to a support article with more information: https://support.apple.com/en-us/HT207882 https://support.apple.com/en-us/HT207882
tcmb 4y ago
The link to the 'Apple Cash setup support page' is a 307 temporary redirect to the Apple Pay page for me. Not sure if this is due to locale, I don't have Apple Cash in my Apple Wallet settings as well...
bpve 4y ago
Isn't this just the same as a virtual pre-paid credit card, which every bank offers nowadays? Except, perhaps this will allow Apple to take our money and use it to invest.
- datavirtue 4y ago
  They can't invest your money. The bank has to ensure a liquid balance for each person. Apple has zero control over that. Consumers also enjoy CFPB protection/regulation with this product. Apple calls Green Dot APIs for servicing and the backing account(s) is at Green Dot Bank.
sandGorgon 4y ago
how is the money transfer happening ? anyone know ? is this VISA CardPay ? The cards are issued by Green Dot Bank
pdimitar 4y ago
What are the tax implications of this, if any? I know people in extended families regularly sending money between themselves. Can they expect the IRS knocking on the door and blaming them for hiding income? I am worried about them now. They will find this super convenient and will use it from day one. Hope this service is private.
- vmurthy 4y ago
  >I know people in extended families regularly sending money between themselves Not a lawyer but I remember reading that the IRS (or equivalent) would be watching for patterns (large amounts/frequent transfers in just below a threshold etc across different sources -- bank accounts etc) . If there is probable cause, they might have to get a subpoena. This app is just one more source for them to confirm/deny wrongdoing.
- cheschire 4y ago
  I’m assuming you’re referring to gifts, not the transfer of money for goods or services (i.e. one person paying for everyone’s lunch and then getting repaid) If so, then this page may answer your question. Basically unless you’re transferring over $22k in total in a year using Apple Cash, you’re fine. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe...
  - pdimitar 4y ago
    Yep, they're not penny-pinching each other. As you said, sometimes someone ends up paying for long family dinners thrice in a row but they're cool about it and somebody else just wires the person $400 a week or so later. Multiply such occurrences several times a month and you get the idea. Thanks for the link, it's helpful.
deleted 4y ago
[deleted]
hrdwdmrbl 4y ago
USA exclusive
ChrisMarshallNY 4y ago
I’m not sure I understand what’s new. Apple has had Cash for a long time (the Apple Card uses it for card rewards).
- ChrisMarshallNY 4y ago
  Ah. I see now. This is a specialization of Apple Pay, which has been around a while.
  - deleted 4y ago
    [deleted]
basisword 4y ago
I find it odd things like this, Venmo, Square cash even need to exist. There’s a reason none of them get used much (or even exist) outside the US. Just fix banking in the US and they problems they solve disappear. In the UK (and the EU I believe too) bank transfers and instant and free. Digital banks like Monzo make it even easier (through contact syncing, better UI). Third party apps need not get involved.
- x3ro 4y ago
  It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.
  - basisword 4y ago
    Interesting. In the UK we just need to share account number and sort code. These are quite easy to remember in your head. IBAN would complicate things. Is IBAN always required or only for cross-border transfers?
    - a_paddy 4y ago
      An IBAN is just the sort code and account number, with a prefix, so would be just as easy to remember.
      - rahoulb 4y ago
        However, a sort code is always presented as 12-34-56 and the account number normally shown as 1234-5678 - so it's easily chunked and very easy to remember.
        jen20 4y ago
        You also rarely need it among groups primarily using Monzo - which among my UK friend group is universal. Just pick from contacts, just like Apple Cash.
Angostura 4y ago
Launched 2019. Still no sign of it in the UK
- tluyben2 4y ago
  There is a lot of competition in the uk/eu I guess. Everyone has Revolut etc already.
- deergomoo 4y ago
  > Still no sign of it in the UK To be fair, it would be borderline pointless here. Bank transfers are instant and free in almost all cases, and competition from the challenger banks has made the process a lot smoother in the legacy banks’ apps too. I think the only USP Apple’s offering would have here is nice iMessage integration.
vivegi 4y ago
In India, the coalescing of payments around the National Payments Corporation of India (NPCI)'s payment network and standard called Unified Payments Interface (UPI) has been a gamechanger. Bank consumers can create virtual addresses that they can give to any individual or entity and use it for sending / receiving money. The recipient can be a customer of any bank, not necessarily theirs. As long as the bank is on the NPCI backbone (almost all banks are), the transaction is safe, secure and seamless. At the moment, there are no fees for using UPI and the transaction limit is Rs. 200,000 (approx. USD 2500), so a vast majority of small ticket purchases can be done electronically. The transaction volume statistics at NPCI is pretty impressive. https://www.npci.org.in/what-we-do/upi/product-statistics https://www.npci.org.in/what-we-do/upi/product-statistics
- intrasight 4y ago
  The Economist recently discussed. To demonstrate the success of UPI, the mentioned that panhanders now routinely present an UPI barcode instead of a pan. I doubt that Apple Cash will have the same success.
  - londons_explore 4y ago
    If apple makes it fee-free and paperwork free even for small businesses, and they make an android compatible app, then it will be successful and will take over from banks and MasterCard/visa. Otherwise it'll remain a tiny proportion of the overall payments industry.
  - zbarnes 4y ago
    link?
  - infofarmer 4y ago
    Beggars in Mainland China have been presenting QR codes (for Alipay and WeChat Pay) for years now. https://www.financialexpress.com/industry/beggars-with-qr-code-chinese-poor-collect-alms-in-mobile-wallets-ditch-tin-bowls/1641567/ https://www.financialexpress.com/industry/beggars-with-qr-co...
- 4y ago
Dave3of5 4y ago
> Apple Cash services are provided by Green Dot Bank Never heard of Green Dot Bank. They seem to have these banks listed under them: "GO2bank, GoBank and Bonneville Bank". I assume that Green Dot Bank isn't holding the money itself but passing it on to a bigger bank. Anyone know who's actually behind this ? Edit: I think maybe Green Dot is holding the money themselves on this are they a well known bank in the USA ?
- alistairSH 4y ago
  Never heard of them. They are not a well-known retail bank. Edit - Looks like they do pre-paid credit cards, which explain why I’ve never heard of them. Been around since 1999.
- datavirtue 4y ago
  Green Dot is a prepaid debit card marketer and servicer. Green Dot Bank....is a bank that is owned by Green Dot. Green Dot has some products on different banks...like Metabank. Green Dot is or was the dominant prepaid card sold in Walmart and all major grocery stores. They offer a Rapid Reload service where you can bring cash to a Walmart register and have it loaded into a prepaid card. They basically serve people who have been ejected from the banking system. One of their main products was an anonymous card that could be reloaded and used to transfer money. A favorite of prostitutes and other illegal services that was eventually snuffed out by the banks because of KYC (know your customer) violations. People would load money onto the card and just give it to someone else or transfer between them. All anon.
  - Dave3of5 4y ago
    How did they make money in this ? Most banks wouldn't work in this manner due to high risk.
    - datavirtue 4y ago
      Most banks taking this stance leaves the entire market for others. It is fuelled by fees. Green Dot fees are quite high. What you say is true, though. I was with an established prepaid company (acquired by GD) that got dropped by a bank or two.
alistairSH 4y ago
Hasn’t Apple Cash been around for a few years now? What prompted this post?
plg 4y ago
I find it hilarious that at this Apple Canada help page: https://support.apple.com/en-ca/HT207886 https://support.apple.com/en-ca/HT207886 it says among other requirements for Apple Cash: What you need - Be at least 18 years old and live in the United States.
- moolcool 4y ago
  So typical of the Canadian UX for so many things :(
- alex_young 4y ago
  That’s the Canadian English version of a help page. The British English version says the same thing. It just means this product has launched in the US and has localized help content. https://support.apple.com/en-gb/HT207886 https://support.apple.com/en-gb/HT207886
sparkywolf 4y ago
Why is this on the front page..? Apple Cash has been around for years. It doesn't even look like they've added anything new unless I'm missing something?
- aembleton 4y ago
  Good point, here it is from last year https://web.archive.org/web/20210621194249/https://www.apple.com/apple-cash/ https://web.archive.org/web/20210621194249/https://www.apple...
- pjc50 4y ago
  It's just a regular card: "Apple Cash services are provided by Green Dot Bank, Member FDIC. Learn more about the Terms and Conditions. Only available in the U.S. on eligible devices. To send and receive money with an Apple Cash account, you must be 18 and a U.S. resident. If you’re under 18, your family organizer can set up Apple Cash for you as part of their Apple Cash Family account. Security checks may require more time to make funds available. Apple Cash Family accounts can send or receive up to $2000 per transaction or within a seven-day period. Sending money from Wallet requires iOS 15.5 or later. An Apple Cash card is required to use Daily Cash, except if you do not have an Apple Cash card, in which case you can only apply your Daily Cash as a credit on your statement balance. The Apple Cash card is issued by Green Dot Bank, Member FDIC. See apple.com/apple-pay for more information. Daily Cash is earned on purchases after the transaction posts to your account. Actual posting times vary by merchant. Daily Cash is subject to exclusions, and additional details apply. See the Apple Card Customer Agreement for more information. Variable APRs range from 11.24% to 22.24% based on creditworthiness. Rates as of April 1, 2022. To access and use all the features of Apple Card, you must add Apple Card to Wallet on an iPhone or iPad with the latest version of iOS or iPadOS. Update to the latest version by going to Settings > General > Software Update. Tap Download and Install. Available for qualifying applicants in the United States. Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch"
- WorldMaker 4y ago
  Person to person cash transfers and family Apple Cash accounts are new features just recently enabled. I assume that's why it's in the news today.

167 points by jeanniesarah 4y ago

deleted 4y ago

[deleted]

New marketing site for Apple Cash? Looks like they also added https://www.apple.com/wallet/ https://www.apple.com/wallet/ and https://www.apple.com/apple-pay/ https://www.apple.com/apple-pay/.

needfood 4y ago

[flagged]

bubblecheck 4y ago

Skyboxer 4y ago

lawgimenez 4y ago

You can check the participating banks worldwide here: https://support.apple.com/en-us/HT204916 https://support.apple.com/en-us/HT204916 Just want to post it since Apple kinda buried it deep down.

george_perez 4y ago
That's the list for Apple Pay, not Apple Cash. Apple Cash is US only.

5822130027 4y ago

pkulak 4y ago

Really silly and not related, but I've tried half a dozen of these things for managing my kid's allowance and general spending, and they have all been a PITA. Either my kids can't sign up without a drivers license and credit check, or they can't send money to me or between themselves, or something else entirely. Maybe Apple has fixed this, but I do remember also trying Cash, and there was some deal breaker for my use. Anyway, I ended up just writing a Matrix bot* that's a glorified spreadsheet. It's 600 lines of Rust, or probably 100 of Python. Works a treat! * https://github.com/pkulak/bots/blob/main/src/bots/money.rs https://github.com/pkulak/bots/blob/main/src/bots/money.rs

callmeed 4y ago
Have you not tried Greenlight? My 3 kids have had greenlight cards since they were 12. The mobile app UX isn’t great but it checks all the boxes on features. Few products have made our personal lives so much easier. Not having to ever get/give cash for them is amazing.
- pkulak 4y ago
  Yeah, that was one of the first. But my kids couldn’t send me money, which sucks cus it’s my CC in Steam/Nintendo/etc, and I don’t want to have to add 2 more everywhere.
  - andrewaylett 4y ago
    We have our children pay us using a card payment terminal. Ours is from SumUp, I know plenty of other brands do them too. I'm happy to eat the transaction costs for the ease of use. A terminal should work with any product that functions as a debit card, pre-pay or not. As it happens, my children do have actual current accounts behind the cards they use. But it seems like UK banking is becoming less willing to issue full-spec debit cards to younger teens :(.
CompleteWalker 4y ago
Not sure about the age requirements or other account specifics, etc. But it seems like you should be able to use Apple Cash for allowances and such From the FAQ: >How do I add money to my Apple Cash card? >If you’re under 18, money is added to your Apple Cash card only when someone sends you money.

senectus1 4y ago

looks like a digital debit "gift card" system. Smart. Its a clever way to deal with legal boundaries on transferring money. Should be interesting to see them get it past Australian regulations.

iancarroll 4y ago
Not sure about AU, but in the US, Apple is a registered money transmitter[0] because of this service. Doesn't seem like they are avoiding anything compliance wise. [0] https://dfpi.ca.gov/money-transmitter-division/directory-of-money-transmitters/ https://dfpi.ca.gov/money-transmitter-division/directory-of-...

behnamoh 4y ago

interesting to see Apple venture into SERVICES rather than PRODUCTS. it’s typical “milking” strategy: get as much as you can from the success of iphone before it’s too late. as long as these services keep bringing cash to the company, I don’t think Apple will introduce yet a new category of products, such as Apple Glasses.

1123581321 4y ago
I don’t think that theory will pan out. The AR product is expected this year, with VR to follow.
relyks 4y ago
I think they’ll keep introducing new services and products. It’s actually in Apple’s best interest to venture into as many different services, products, and new revenue streams as humanly possible, so that Apple can continue growing. Stagnation will lead to unhappy shareholders…

braingenious 4y ago

To be clear, this is in practice basically a competitor for Venmo/Cash App/Paypal, but built into your iphone? I only did a cursory glance at it but is there an Android app planned for this? In my experience, people want to send money to one another across different mobile OSes.

warning26 4y ago
Yup, pretty much. I can't imagine how Apple concluded that "It's exactly like Venmo in every way, but it only works for people with iPhones!" would make a particularly compelling value proposition.
- ceeplusplus 4y ago
  That's basically iMessage vs. FB Messenger/WhatsApp/Signal/SMS.
- Biologist123 4y ago
  Venmo not available to me in Europe. Can’t wait to have Apple Cash. Like mobile money in Africa, various service providers will jump up to allow cross wallet transfers.
  - konschubert 4y ago
    People use paypal for this in Europe EDIT: Ok, maybe just in Germany. And just to be clear: Paypal is an adverse company that tries to trick its users on every page.
    - _rutinerad 4y ago
      I live in Northern Europe and I've never heard of anyone using Paypal for anything other than paying for things online. Each country has their own specific service that the majority uses (MobilePay, Siirto, Swish, etc).
      - 4y ago

user_named 4y ago

A bit of a product marketing snafu by Apple if I may say. 1. Apple Cash is apparently not cash, nor a wallet, but a card that is stored inside wallet. 2.There is already Apple Wallet, Apple Pay, Apple Card. It looks to me that they're all the same. Why can't I Pay with the Cash in my Wallet. Or can I?

duskwuff 4y ago
> Why can't I Pay with the Cash in my Wallet. Or can I? You can. In fact, if you're using Apple Card, the cash-back rewards show up as Apple Cash.
- user_named 4y ago
  Yeah I was guessing that's possible. I mean that the separation of these into separate products seems confusing when they're actually one.
  - duskwuff 4y ago
    > when they're actually one. They are not. Apple Cash does not require the user to have an Apple Card.
    - WorldMaker 4y ago
      Right, and part of why we're talking about Apple Cash right now is that Apple is expanding the reasons to use Apple Cash even without Apple Card. New features like person to person payments and Family Apple Cash accounts don't require Apple Card at all and are Apple Cash-focused features.
ryandrake 4y ago
> 1. Apple Cash is apparently not cash, nor a wallet, but a card that is stored inside wallet. 2.There is already Apple Wallet, Apple Pay, Apple Card. Nobody in technology, at least in the USA, seems to be able to make the marketing for their "payment things" understandable. On the Google side, there is (or was) Google Wallet (OG), Android Pay, Google Pay, gPay, now Google Wallet (new). I don't know which one I should be using, or what each one deliberately can't do. Some handset makers have their own apps: Samsung Pay, for example. Then, there's the individual apps: Venmo, PayPal, Square Cash, Zelle, Xoom... A web search shows there are probably a dozen more, all incompatible with each other. It's like VHS vs Betamax and HD-DVD vs. BluRay all over again, but instead with 20 different formats. How has this industry so royally fucked up something that should be pretty straightforward?

phinnaeus 4y ago

This is a rebranding of Apple Pay Cash, which launched in 2014. Not sure if there's much in the ways of new features.

divbzero 4y ago
Yes, Apple has had this for awhile, but apparently there was an underlying change in April when the service shifted from Discover to Visa [1]. [1]: https://en.wikipedia.org/wiki/Apple_Pay#Apple_Cash https://en.wikipedia.org/wiki/Apple_Pay#Apple_Cash

supernova87a 4y ago

Can I send US$ to someone in a different country? How does that work?

sgjohnson 4y ago
You can't, it's only available in the United States
- AA-BA-94-2A-56 4y ago
  Non-starter then

tcmb 4y ago

From the FAQ: "send and receive money in Messages or Wallet. The money you receive appears on your Apple Cash card in Wallet." Can I get the money out of Apple Cash, except for spending it via Apple Pay? Can I withdraw the money to a bank account? If not, I find it a bit limiting. If someone sends me money via Paypal, I can transfer it to my bank account and withdraw it from an ATM, or use it to buy stocks, or donate it to some organization that doesn't take Apple Pay payments...

kalenpw 4y ago
Yes, you can transfer it to your bank. Works just like Venmo or PayPal
M4v3R 4y ago
The article answers your question (yes, you can) and links to a support article with more information: https://support.apple.com/en-us/HT207882 https://support.apple.com/en-us/HT207882

tcmb 4y ago

The link to the 'Apple Cash setup support page' is a 307 temporary redirect to the Apple Pay page for me. Not sure if this is due to locale, I don't have Apple Cash in my Apple Wallet settings as well...

bpve 4y ago

Isn't this just the same as a virtual pre-paid credit card, which every bank offers nowadays? Except, perhaps this will allow Apple to take our money and use it to invest.

datavirtue 4y ago
They can't invest your money. The bank has to ensure a liquid balance for each person. Apple has zero control over that. Consumers also enjoy CFPB protection/regulation with this product. Apple calls Green Dot APIs for servicing and the backing account(s) is at Green Dot Bank.

sandGorgon 4y ago

how is the money transfer happening ? anyone know ? is this VISA CardPay ? The cards are issued by Green Dot Bank

pdimitar 4y ago

What are the tax implications of this, if any? I know people in extended families regularly sending money between themselves. Can they expect the IRS knocking on the door and blaming them for hiding income? I am worried about them now. They will find this super convenient and will use it from day one. Hope this service is private.

vmurthy 4y ago
>I know people in extended families regularly sending money between themselves Not a lawyer but I remember reading that the IRS (or equivalent) would be watching for patterns (large amounts/frequent transfers in just below a threshold etc across different sources -- bank accounts etc) . If there is probable cause, they might have to get a subpoena. This app is just one more source for them to confirm/deny wrongdoing.
cheschire 4y ago
I’m assuming you’re referring to gifts, not the transfer of money for goods or services (i.e. one person paying for everyone’s lunch and then getting repaid) If so, then this page may answer your question. Basically unless you’re transferring over $22k in total in a year using Apple Cash, you’re fine. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe...
- pdimitar 4y ago
  Yep, they're not penny-pinching each other. As you said, sometimes someone ends up paying for long family dinners thrice in a row but they're cool about it and somebody else just wires the person $400 a week or so later. Multiply such occurrences several times a month and you get the idea. Thanks for the link, it's helpful.

deleted 4y ago

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hrdwdmrbl 4y ago

USA exclusive

ChrisMarshallNY 4y ago

I’m not sure I understand what’s new. Apple has had Cash for a long time (the Apple Card uses it for card rewards).

ChrisMarshallNY 4y ago
Ah. I see now. This is a specialization of Apple Pay, which has been around a while.
- deleted 4y ago
  [deleted]

basisword 4y ago

I find it odd things like this, Venmo, Square cash even need to exist. There’s a reason none of them get used much (or even exist) outside the US. Just fix banking in the US and they problems they solve disappear. In the UK (and the EU I believe too) bank transfers and instant and free. Digital banks like Monzo make it even easier (through contact syncing, better UI). Third party apps need not get involved.

x3ro 4y ago
It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.
- basisword 4y ago
  Interesting. In the UK we just need to share account number and sort code. These are quite easy to remember in your head. IBAN would complicate things. Is IBAN always required or only for cross-border transfers?
  - a_paddy 4y ago
    An IBAN is just the sort code and account number, with a prefix, so would be just as easy to remember.
    - rahoulb 4y ago
      However, a sort code is always presented as 12-34-56 and the account number normally shown as 1234-5678 - so it's easily chunked and very easy to remember.
      - jen20 4y ago
        You also rarely need it among groups primarily using Monzo - which among my UK friend group is universal. Just pick from contacts, just like Apple Cash.

Angostura 4y ago

Launched 2019. Still no sign of it in the UK

tluyben2 4y ago
There is a lot of competition in the uk/eu I guess. Everyone has Revolut etc already.
deergomoo 4y ago
> Still no sign of it in the UK To be fair, it would be borderline pointless here. Bank transfers are instant and free in almost all cases, and competition from the challenger banks has made the process a lot smoother in the legacy banks’ apps too. I think the only USP Apple’s offering would have here is nice iMessage integration.

vivegi 4y ago

In India, the coalescing of payments around the National Payments Corporation of India (NPCI)'s payment network and standard called Unified Payments Interface (UPI) has been a gamechanger. Bank consumers can create virtual addresses that they can give to any individual or entity and use it for sending / receiving money. The recipient can be a customer of any bank, not necessarily theirs. As long as the bank is on the NPCI backbone (almost all banks are), the transaction is safe, secure and seamless. At the moment, there are no fees for using UPI and the transaction limit is Rs. 200,000 (approx. USD 2500), so a vast majority of small ticket purchases can be done electronically. The transaction volume statistics at NPCI is pretty impressive. https://www.npci.org.in/what-we-do/upi/product-statistics https://www.npci.org.in/what-we-do/upi/product-statistics

intrasight 4y ago
The Economist recently discussed. To demonstrate the success of UPI, the mentioned that panhanders now routinely present an UPI barcode instead of a pan. I doubt that Apple Cash will have the same success.
- londons_explore 4y ago
  If apple makes it fee-free and paperwork free even for small businesses, and they make an android compatible app, then it will be successful and will take over from banks and MasterCard/visa. Otherwise it'll remain a tiny proportion of the overall payments industry.
- zbarnes 4y ago
  link?
- infofarmer 4y ago
  Beggars in Mainland China have been presenting QR codes (for Alipay and WeChat Pay) for years now. https://www.financialexpress.com/industry/beggars-with-qr-code-chinese-poor-collect-alms-in-mobile-wallets-ditch-tin-bowls/1641567/ https://www.financialexpress.com/industry/beggars-with-qr-co...
4y ago

Dave3of5 4y ago

> Apple Cash services are provided by Green Dot Bank Never heard of Green Dot Bank. They seem to have these banks listed under them: "GO2bank, GoBank and Bonneville Bank". I assume that Green Dot Bank isn't holding the money itself but passing it on to a bigger bank. Anyone know who's actually behind this ? Edit: I think maybe Green Dot is holding the money themselves on this are they a well known bank in the USA ?

alistairSH 4y ago
Never heard of them. They are not a well-known retail bank. Edit - Looks like they do pre-paid credit cards, which explain why I’ve never heard of them. Been around since 1999.
datavirtue 4y ago
Green Dot is a prepaid debit card marketer and servicer. Green Dot Bank....is a bank that is owned by Green Dot. Green Dot has some products on different banks...like Metabank. Green Dot is or was the dominant prepaid card sold in Walmart and all major grocery stores. They offer a Rapid Reload service where you can bring cash to a Walmart register and have it loaded into a prepaid card. They basically serve people who have been ejected from the banking system. One of their main products was an anonymous card that could be reloaded and used to transfer money. A favorite of prostitutes and other illegal services that was eventually snuffed out by the banks because of KYC (know your customer) violations. People would load money onto the card and just give it to someone else or transfer between them. All anon.
- Dave3of5 4y ago
  How did they make money in this ? Most banks wouldn't work in this manner due to high risk.
  - datavirtue 4y ago
    Most banks taking this stance leaves the entire market for others. It is fuelled by fees. Green Dot fees are quite high. What you say is true, though. I was with an established prepaid company (acquired by GD) that got dropped by a bank or two.

alistairSH 4y ago

Hasn’t Apple Cash been around for a few years now? What prompted this post?

plg 4y ago

I find it hilarious that at this Apple Canada help page: https://support.apple.com/en-ca/HT207886 https://support.apple.com/en-ca/HT207886 it says among other requirements for Apple Cash: What you need - Be at least 18 years old and live in the United States.

moolcool 4y ago
So typical of the Canadian UX for so many things :(
alex_young 4y ago
That’s the Canadian English version of a help page. The British English version says the same thing. It just means this product has launched in the US and has localized help content. https://support.apple.com/en-gb/HT207886 https://support.apple.com/en-gb/HT207886

sparkywolf 4y ago

Why is this on the front page..? Apple Cash has been around for years. It doesn't even look like they've added anything new unless I'm missing something?

aembleton 4y ago
Good point, here it is from last year https://web.archive.org/web/20210621194249/https://www.apple.com/apple-cash/ https://web.archive.org/web/20210621194249/https://www.apple...
pjc50 4y ago
It's just a regular card: "Apple Cash services are provided by Green Dot Bank, Member FDIC. Learn more about the Terms and Conditions. Only available in the U.S. on eligible devices. To send and receive money with an Apple Cash account, you must be 18 and a U.S. resident. If you’re under 18, your family organizer can set up Apple Cash for you as part of their Apple Cash Family account. Security checks may require more time to make funds available. Apple Cash Family accounts can send or receive up to $2000 per transaction or within a seven-day period. Sending money from Wallet requires iOS 15.5 or later. An Apple Cash card is required to use Daily Cash, except if you do not have an Apple Cash card, in which case you can only apply your Daily Cash as a credit on your statement balance. The Apple Cash card is issued by Green Dot Bank, Member FDIC. See apple.com/apple-pay for more information. Daily Cash is earned on purchases after the transaction posts to your account. Actual posting times vary by merchant. Daily Cash is subject to exclusions, and additional details apply. See the Apple Card Customer Agreement for more information. Variable APRs range from 11.24% to 22.24% based on creditworthiness. Rates as of April 1, 2022. To access and use all the features of Apple Card, you must add Apple Card to Wallet on an iPhone or iPad with the latest version of iOS or iPadOS. Update to the latest version by going to Settings > General > Software Update. Tap Download and Install. Available for qualifying applicants in the United States. Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch"
WorldMaker 4y ago
Person to person cash transfers and family Apple Cash accounts are new features just recently enabled. I assume that's why it's in the news today.