Anyone know who the sponsor bank is of the Apple Pay Cash Card? JPMC?
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Replying to @gmillikan
It’s just a cash holding account so no bank was needed. Can be used anywhere as cash where Apple Pay is accepted.
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Replying to @BenBajarin @gmillikan
Ben, good points. It is a bit more complex ultimately. Especially as it scales.
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Replying to @BrianRoemmele @gmillikan
Just digital cash… Apple Pay is the mechanism to use. Can transfer to bank at any time.
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Replying to @BenBajarin @gmillikan
Ben, indeed! It will also be a disruptive merchant payment platform. It's a big paradigm shift.
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Replying to @BrianRoemmele @gmillikan
All they have to do is accept Apple Pay.
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W/o bank its not FDIC insured though. Not sure that matters much to the avg. consumer, but something to note.
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Replying to @TedDundon @BenBajarin and
Also curious about how fast Apple pushes POS terminal industry and integrates Apple Pay into a mobile checkout option.
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Ted, great question. If the merchant has a free payment option and an iOS 11 device, why not accept the cash?
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I imagine the POS terminals are all tied to retail operations records as part of inventory mgmt. Might be hard to circumnavigate.
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Ted, indeed for some larger merchants I know how to fix that. Smaller merchants they need no fixes. I coded a cash register already.
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A lot of ripples on this move if it is executed correctly and the right pieces fall in line. Biggest announcement of the day.
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