Rumor: Apple Working on PayPal Competitor
Could Apple be giving you a new way to spend even more money.
Many of Apple's projects and products are things shrouded in secrecy. The only way most of us learn about them is through leaks, rumors and (educated) speculation.
The latest rumor about what Apple is up to seems a little outlandish, but not impossible. The Business Insider cites an anonymous Wall Street gossiper as saying that Apple is plotting a new payment service that could rival that of PayPal.
The reasoning behind the speculation is that Apple already has the iTunes system whereby consumers use credit cards and other prepaid payment forms to pay for music, movies, TV shows and applications. It'd be possible to use that same infrastructure to accept payments for third party companies – with Apple pocketing a cut of the transaction, of course (hopefully with no added "Apple tax" for the consumer).
Skeptical? So are we, but with Apple on the upswing even in a recession, the Cupertino company could have good reason for high ambitions.
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Apple seems to have... bitten off more than it can chew.
Just me, but I'm not that comfortable giving Apple my credit card info (I currently avoid iTunes). Although, it would be funny if someplace like Newegg used it, and then I buy a copy of, say, Windows 7 with it.
Maybe they're worried that their product prices will be hitting a maximum transaction amount limit on PayPal.
They have bitten off a lot more then they can keep a lid on lately. While they are more then capable of building such a service, you actually have to ask why. Apple doesn't often make new products/services that doesn't already build upon a previous core business.
I don't see why not. With the cash they have in the bank and the fact that they already have the system in place to draw from your bank account/credit card through iTunes. It would make sense to offer your own version of PayPal and get a piece of that pie. If you don't want to give them your bank info then instead of selling iTunes money cards at Walmart they would sell AppleSlice cards that you bought and added to your ApplePie account and could be used on iTunes and other places while Apple walks away with the Applesauce.
If they do I hope that EBay refuses to allow it as a payment method due to the EBay Eula not allowing other software to run on their hardware!
they would sell AppleSlice cards that you bought and added to your ApplePie account and could be used on iTunes and other places while Apple walks away with the Applesauce.
That was freakin hilarious +1. I really don't think Apple needs to make more money off the system hog and cluster**** that is iToons.
Oh good, because there is nothing I like more than having to have my financial info on all these sites...
No thanks, I don't want to pay the Apple Tax ^_^. You also have to get consumers to trust business offering the service. Alot of people are already brainwashed to use and trust paypal so getting them to switch is going to take alot.
Since it has the Apple logo on it, it probably will be a resounding commercial success in spite of the store offerings.
Maybe the first thing to go on sale would be the iAlphabet Keyboards...
Paypal needs some competition. 3.25% is too much just for handling a payment. That's 3 times the interest most banks pay for a year!
LOL, supersecure Apple is going te be hacked to slices of applepie in no time.
can't wait for "Hi, i am iCash and hi i Paypal ad"
Paypal needs some competition. 3.25% is too much just for handling a payment. That's 3 times the interest most banks pay for a year!
While 3.25% may seem high it is actually on the lower end. 2% of **ANY** credit card transaction actually goes to PAY VISA/MASTERCARD/DISCOVER/etc for using it's service. If you open a CREDIT CARD MERCHANT account you not only have a monthly "rental fee" for equipment and the ability to "charge credit cards" but then their is a tier level of how much of a % the company that gave you the equippment will charge you. If you make 1 million or over in sals it's say 1%, 1 thousand in sales it's say 2%, 100 in sales it's 3% and so on. The lower your sales the higher the percentage.
Most small online biz or those people that sell stuff on eBay/ioffer/ets would not be able to make abig enough sales quote each month in order to reap the benefit of using a MERCHANT ACCOUNT. As such the PayPal option is reasonable and requires no monthly "rental fee".
Any service which compete's against paypal is definitely a good thing... Ever since I sold an item on ebay, paypal confirmed the transaction, gave me the money, and once it realized the seller's account had been hacked, tried to get me to pay for it, i've boycotted paypal and will never ever use their services again...
If they do I hope that EBay refuses to allow it as a payment method due to the EBay Eula not allowing other software to run on their hardware!
Funny.
Although, being a dork, I must point out that Ebay already bans Google Checkout, so I have no doubt they'll ban Apple iPay (trademark pending) for any number of reasons.
I would never use an apple service like this.
Just me, but I'm not that comfortable giving Apple my credit card info (I currently avoid iTunes). Although, it would be funny if someplace like Newegg used it, and then I buy a copy of, say, Windows 7 with it.
Sadly, lots of people are buying tunes on iTunes.
With apple's lack of experience in security, I don't trust them with any information like this.
I heard earlier about Apple making a new platform supporting media ( great movie experience ) and also sa gaming platform solution which I find kinda impossible sine Macs have faileed in gaming so far. And now this.. I'm sorry but if they really think they are able to stand against the userbase of PayPal they are way too fooled. I dot like Apple all the most lately.