When the Venmo mobile payment app (which is owned by PayPal) started introducing support for third party apps last year, many saw the move as a ploy to get more money by way of additional business transactions, including those coming from Delivery.com, Parking Panda, and even Poshmark.
It goes without saying that Venmo is hardly the only service of its kind -- rival Zelle happens to have the backing of over 30 major banking institutions with operations in the United States, and on top of that, Zelle can transfer funds easily between the bank’s own mobile apps without ever needing to make use of a middleman such as PayPal or even Facebook’s Messenger platform.
Apple introduced a new major update to its mobile payment system during this week’s Worldwide Developers Conference (WWDC). The tech giant showcased a new peer to peer payment system, which basically lets iOS mobile users send and also receive cash right within the tech giant’s own iMessage app. People can then facilitate and validate payments by way of the iPhone maker’s Touch ID fingerprint scanner technology. If a user receives cash from another user, the money is stored on an Apple Pay Cash Card, that is until the user decides to withdraw it or send it to another person.
Overall, Siri still mostly keeps to itself, but the last few months have seen Apple start to integrate its voice activated digital assistant to third parties. During the Worldwide Developers Conference held back in June earlier this year, the tech giant had confirmed that creators of mobile apps could allow owners of iPhone and iPad devices to send and even receive cash by way of Siri, with a couple of apps (Monzo and Square Cash) becoming the first to take full advantage of that particular capability. This time around, some of the bigger names in the payments business are now joining in on the fun.
The biggest seller of smartphones in the whole world is planning to further expand its own mobile payment system in the United States in 2016, eventually letting mobile users do online shopping and even lengthening the list of mobile devices that support its contactless mode of payment to include even lower end Samsung handsets.
As reported by the Wall Street Journal, Apple is apparently in discussions with several banking establishments to launch a mobile payments service, which would go head to head with Venmo, the mobile peer to peer service provided by PayPal. Apple’s new mobile payments service could be made available as early as next year, and the iPhone maker envisions the service as one that would tie bank accounts with Apple’s mobile devices. For mobile users, this could mean that they could easily send cash from one person’s checking account to to another.
PayPal has just unveiled a new peer to peer payment method that makes use of a unique approach in transferring money. Called PayPal.Me, the service basically allows users to create their own user profiles that come with a custom made URL (for example: paypal.me/username), which they can then share with other people through text message, email, via instant messenger, or through social media platforms, among many other ways, in order to request cash. To sign up for their own username, users can go visit PayPal.Me’s website.
More and more people are starting to order food or drinks via their mobile devices, and then paying for them with the use of a mobile app or mobile payment system. Indeed, coffee giant Starbucks already lets its customers buy and pay for their daily dose of caffeine via its own mobile app. Also just this week, Firehouse Subs and Burger King have also revealed that they are teaming up with MasterCard’s MasterPass digital payment solution. Taco Bell also recently announced that is mobile ordering solution is made possible through a partnership with Heartland.
The payment feature of Facebook’s Messenger platform has already been active for some time now. As a matter of fact, the feature has already been utilized by Facebook users since March of this year. However, the payment feature was only made available in select areas within the United States, such as New York City.
But all of that changes now as Facebook recently revealed that the payment functionality of its Messenger service has been expanded to all users living within the US. This means that any Facebook user based in any state in America can now send and receive money via Messenger.
PayPal users rejoice! Apple is now supporting PayPal on its online store, which means that customers can now purchase their iPhone or iPad using their PayPal accounts. On top of that, Apple is also pushing PayPal's own credit system, which allows buyers who use the system to pay off a purchased item up to 18 months with zero interest.
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