Sam says;

"Am looking forward to ios11 and peer to peer payments too, though I hope Apple 
doesn't take a cut of those"

Of course the banks already have the Payment peer-to-peer system, and PayPal 
has something similar. Both require both sides to be registered for it to work 
and I don't think that there has been great take up for these in the UK.

In any event I wonder how often we need to make an immediate transfer to 
someone else? Most electronic transfers get credited the same day, unless the 
recipient banks are similar to, say, Nationwide in which case it can take 1-3 
days to clear.

I think it was last year that the clearing banks announced faster clearing of 
electronic transfers so that by end-2017 these should be completed more or less 
immediately, certainly less than 24 hours.

I'm sure that in the US Apple's peer-to-peer payments will make for a big 
improvement to the US fragmented banking system.

I read that in the early days of the iTunes Store, Apple used to store your 
micro payments for single track purchases until you spent at least $2:50 in 
order to minimise bank transfer costs. And if you spent, say, only 99 cents in 
any six month period they didn't collect your payment at all. Of course, I've 
no means of verifying if I benefited from this but I do remember that sometimes 
I would get an email invoice, and my account debited, until I'd bought several 
tracks over a reasonably long period. Always puzzled me about this so maybe 
Apple were being altruistic about minimising bank charges.

Regards,

Tony
Sent from my iPad

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