When Apple enters a new business, many begin to shake the foundations, and Apple's next step with Apple Pay has not gone unnoticed by the company that has been the great dominator of this segment for years: PayPal. Payments between people will come to iOS 11 within the Messages application with Apple Pay Cash, and the top leader of PayPal has spoken about it.
In the words of the CEO of the company, Apple with Apple Pay will not be easy to compete with them in payments between people. PayPal's application for payments between people, Venmo, is cross-platform, while Apple Pay is only available between people with Apple devices. This will be the limiting factor that will make you unsuccessful. However, you forget some details in your favor.
Apple Pay is still in the process of expansion, and in Spain for example it is available in a very limited way with Banco Santander and Carrefour Pass. But if we look at Venmo the situation is not better, since it is only available in the United States, precisely where Apple Pay is more widespread and where more users have iOS devices and use iMessage (Messages). To this we must add that there are many other countries besides Spain where Apple Pay is present in more banks than in our country.
What does it take to use Apple Pay Cash? Have Apple Pay, just that. In order to use Venmo, it is necessary to register on its website and download its application. Being integrated into the system is always a huge advantage over other options, and with Apple Pay Cash it will be no different. The convenience of being able to do it from the Messages application without other additional steps will also be something to consider.
What can you use with that money? Apple Pay Cash will store the money received on your virtual card, which will be stored in your Wallet. It will not have a physical version, at least for now, but you can use it for any payment with Apple Pay, both in physical businesses and on web pages and of course in the App Store. You can also deposit that money in your bank account if you wish. And all this without any commission for users. Obviously the swords are high, but that PayPal says it does not care about Apple Pay Cash is false, and they themselves know it.