Co.Design:
If Apple really cared about customer experience, why wouldn’t the company make the process of redeeming Apple Pay cash as simple as paying it? Apple would not comment on the matter, but talking to analysts and payment specialists, it seems certain that Apple Pay’s design doesn’t prioritize you. Apple Pay prioritizes itself and its partners.
It’s about keeping those consumer dollars within the entire Apple Pay merchant ecosystem. Apple claims that 50% of U.S. retailers will accept Apple Pay by the end of the year. And Apple wants to make sure that money is actually flowing through this pipeline.
Contrary to the headline and the writer’s assertion, it’s not the “sneaky psychology” of Apple Pay that could be a concern but the general nature of the way we think about money. Slamming Apple for our own failings isn’t at all fair. But, that having been said, it is interesting that, while Apple isn’t going to make much money by “holding” on to our Apple Pay dollars, they do stand to profit from our use of “fuzzy money”.
The sneaky psychology of tabloid journalism…
This isn’t new – paypal has been holding onto your money unless you explicitly withdraw it to your bank account since the service’s inception. It’s the annoying cost of dealing with online payment systems.
But the instant there’s some way to insert “Apple” into the headline, it becomes somehow newsworthy.
Actually… no. Square Cash puts the money in your bank automatically which is one reason I use it. I’d love to use Apple Pay and might because most of my friends are on iOS but it’s annoying that I can’t easily get my money in my bank account.
i’m hoping this is pooled with itunes gift card account. I usually buy a couple of $100 cards at 13% off whenever Costco has them. Or if I’m really lucky i’ll find them for 20% off somewhere. I’d love to pay friends for lunch with an automatic 13% discount.
The sneaky psychology of having no clue about keeping track of one’s money.
This is a horseshit article: complaining already about a service that hasn’t happened yet.
I could buy a heavily-discounted iPad Pro with my iTunes balance right now.
So I’m going to guess… no. ?
The real reason why Apple isn’t automatically moving money into user bank accounts:
Transaction Costs.
The “fuzzy money” think may or may not be a real thing, but ultimately Apple holding onto the money means more person to person transactions will take place without another bank being involved, no transaction fees.