In a new report, Apple is likely considering Apple Pay Cash as the method they use to pay Developers. This will make Apple Pay one of the largest payment distribution systems on the planet. Here’s everything we know so far.
Released in iOS 11.2, Apple Pay Cash is a person-to-person, cashless payment system. It allows users to send and receive money with friends and family quickly, easily and securely.
According to Apple, “When users get paid, the money they receive is added to their new Apple Pay Cash card that lives in the Wallet app. They can use the money instantly to pay someone or make purchases using Apple Pay in stores, apps and on the web. They can also choose to transfer it from Apple Pay Cash to their bank account.”
In a tweet by Brian Roemmele, “Apple App Store developers who earned a collective $120 billion in sales will soon be paid by Apple Pay Cash. This ultimate shift to paying developers via this payment vehicle will make Apple Pay Cash one of the largest payment distribution systems…”
Roemmele published a report that says, “This ultimate shift to paying developers via this payment vehicle, even if just 20% elect to get their earnings faster, perhaps weekly or even daily, will make Apple Pay Cash one of the largest payment distribution systems outside of government payments for Social Security.”
Roemmele also believes that “by paying developers via Apple Pay Cash cards, it has the prospect of allowing Apple to lower the 30% fee they collect from each transaction—perhaps significantly. This factor can completely shift the model of the App Store and create a complex problem for some Android App stores.”
Shortly after the “It’s Showtime” event where Apple announced the Apple Card, Apple quietly ended support for users to fund their Apple Pay Cash card from credit cards. In a tweet by Cheddar anchor and Former Vice President of Merrill Lynch, Hope King:
In her tweet, she cited an email Apple sent out to Apple Pay Cash users saying: “Starting on March 25, 2019, we will no longer support using credit cards to fund person to person payments. This will ensure Apple Pay Cash customers never have to worry about cash advance fees that may be charged by issuing banks.”
By Apple ending support for funding Apple Pay Cash through credit cards, this may mean that Apple can possibly move entirely to the Apple Pay platform that Roemmele says would be the “ultimate shift.”
Are you an Apple Developer? Do you use Apple Pay or Apple Pay Cash? I’d love to hear your thoughts on this below.