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Apple Pay Cash Is Cool, But It Won't Catch on

November 07, 2017 00:00 AM UTC
- Updated September 02, 2020 11:39 AM UTC

Not everyone has an iPhone.

Transcript
[MUSIC PLAYING] ANNE VANDERMEY: Hello, and welcome to Tech Debate, the show where we debate the issues of the day in two minutes. Today, we are talking about Apple's new feature that allows you to send cash to your friends via text message. It's going to be amazing. Jeff, what do you think? JEFF JOHN ROBERTS: Apple Pay Cash, this is pretty cool, actually. I'll give them that. You know, you can just, instead of just texting someone, you can send the money when you're doing it. Good on Apple. Cool idea. But I don't think it's really going to catch on. ANNE VANDERMEY: You don't think it's going to catch on? This seems amazing. Most people have an iPhone. A lot of people have iMessage. Making this seamless transition from Apple Pay into text message is going to really catch on. It's going to be a big deal. JEFF JOHN ROBERTS: I think with the hardcore Apple fanboys who are going to like it, Apple always has some products that no matter how obscure it is, people use, the big fanboys. But everyone's using Venmo already. Venmo is a great product. I use Venmo. You use Venmo. Why should we switch? ANNE VANDERMEY: So Apple Pay already a leader in mobile payments. I think there's space, granted they don't have the leadership in this space. But I think there is room for more than one player. Look at China. They have WePay, WeChat, and Alipay. Two players, both with a lot of market share. They're both doing great. You can have more one company here. JEFF JOHN ROBERTS: I know. I think it's a network effect thing. And the other thing, here's another word for you, Venmo and Android. Android people are people, too. How are we going to pay our friends if they have Android? ANNE VANDERMEY: That's a great question. Maybe in that case, we'll use Venmo, or maybe we'll just use cash. But I think when Apple introduced Apple Pay, they said that they wanted to destroy the wallet. This is going to be part of an integrated system, where not only can you pay vendors-- 50% of vendors take Apple Pay-- you can also pay your friends. It's going to be a one-stop-shop, and that's going to give Apple a competitive advantage. JEFF JOHN ROBERTS: Apple's been dabbling in payments for years and years. And it's always a little bit, so it's like this deep. I don't think this is going to be a game changer. I think let's make a bet. And if I lose, I'll Venmo you. ANNE VANDERMEY: All right. Deal. Fair enough. And that is, unfortunately, all the time we have. Tune in next time to fortune.com for more Tech Debate. [MUSIC PLAYING]