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A comment on Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service. Parent comment

Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by toomuchtodo on Wednesday November 11, 2015 @04:35PM (#10549471)
> Should be interesting to see if there is any compelling reason to use Apple's solution over Venmo which has a huge incumbency advantage at this point.

insert chuckle here

Perhaps because Apple has incredible resources compared to Venmo, no one over 30 uses Venmo, and because Apple can easily integrate with the ACH system to enable these transfers.

If Apple were so inclined, they go so far as to have a banking subsidiary that was a stakeholder in the ACH system, thereby allowing them to shape the protocol currently being worked on to allow real time ACH transfers.

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by roymurdock on Wednesday November 11, 2015 @04:38PM (#10549495)
Paypal owns Venmo, so they have a fair amount of weight to throw around, especially in the payments/ACH space.
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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by toomuchtodo on Wednesday November 11, 2015 @04:42PM (#10549535)
Doesn't Apple generate more profit per quarter than Paypal does all year?
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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by roymurdock on Wednesday November 11, 2015 @04:55PM (#10549619)
Sure, but you might have made the same argument with Facebook when it launched "Poke" (2012) and "Slingshot" (2014) in order to compete with newcomer Snapchat, and we see how that turned out due to poor execution and the incumbency factor.

http://techcrunch.com/2012/12/21/facebook-poke-vs-snapchat-w...

https://gigaom.com/2014/09/04/facebooks-slingshot-experiment...

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