Green Dot CEO explains how Apple Pay Cash will work

“Prepaid card provider Green Dot ‘will perform several roles’ for Apple when the iPhone maker launches its P2P payments and Apple Pay Cash services in the US in September, Green Dot CEO Steven Streit has revealed during the company’s Q2 2017 earnings call,” Sarah Clark reports for NFC World.

Clark reports, “‘First, Green Dot will serve in the role of merchant of record that accepts credit and debit cards using Apple Pay to fund person-to-person money sending transactions’ Streit said. ‘Then, when users receive money in Apple Pay Cash, their money is securely kept in a Green Dot Bank-issued Apple Pay Cash account that is then available for the recipient to spend with Apple Pay in stores, in apps and on the web, or they can send it to someone else, or transfer to their bank account.”

Read more in the full article here.

MacDailyNews Take: So, as Streit later explained, “As the issuing bank for the Apple Pay Cash account, Green Dot generates interchange revenue when customers use Apple Pay Cash.”

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  1. Well OK. But if it is like Venmo and takes a few days to transfer to bank accounts, I would rather use Zelle for instant money transfers between recipients (assuming both parties have Zelle capabilities with their banks) otherwise, it will be no better the Venmo, right?

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