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Digital Wallet Presentation April 2021

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Digital Wallet Presentation April 2021 Welcome to Coffee Chat April 8, 2021 The Club is Open 12:30 - 3:30 Monday-Friday (Closed Holidays) Mac/PC Computers Copy/Scan/Fax/Print Equipment Flight Simulator by Reservation - M-W-F Other Specialized Equipment by Reservation M-W-F Monthly Meetings for Members/Residents General Meeting - First Wednesday thru May Coffee Chat - 2nd Thursday through April Special Interest Groups (SIGs) Most through April Check Calendar Check Calendar for Details Tech Help - Al Year Chat with Dan & Friends - Through April Weekly Events for Members Thursdays at 9 am April 15 No Meeting 2nd & 4th Mondays at 1:00 pm April 22 - Topic TBD through April April 29 - Topic: Scams April 29 - Last Meeting Classes Done April 16 Apple Music Online Class Every Tuesday at 12:30 pm April 9 & 16 10:30 thru the Summer 3 Seats available General Meeting May 5th 2:00 pm Is Cyber Security Really Important? Presented by Bob Gostischa APCUG Speakers Bureau The “Digital Wallet” Payment Apps Barb Vivian Vice President Instructor “Digital Wallet” Apps What We’ll Cover Today • What is it? Focus on Peer to Peer vs. Peer to Business • Why is it becoming so popular? • Who are the MAJOR players? • How is each UNIQUE? • How do they WORK? • How secure are they? • How do I set one up The “Digital Wallet” Replacing Cash/Check Payments with Electronic Payments • Pay Businesses PayPal, ApplePay, GooglePay, Square etc. • Pay Individuals (Family & Friends) - “P2P" Venmo, Zelle, PayPal, Apple Cash, Google Wallet, Square Cash, Facebook Messenger etc. The “Digital Wallet”Apps What are They? • Applications that are downloaded and installed on your Mobile Devices (Phones, Tablets, Watches) and Computer • Linked to your Bank account and credit cards • Replace Cash/Check payments with Electronic Payments The “Digital Wallet”Apps What are They? • Most Apps enable you to find Friends/ Family via Phone # or Email - MAKE SURE YOU KNOW WHO YOU”RE SENDING TO! • Send and Receive money transfers immediately and deposited in 0-3 days • Costs range from FREE to 2.5-3% for credit card processing • Convenient & easy to use The “Digital Wallet”Apps What are They? When transaction occurs the account balance in the app records it and either sends or pulls money from the account OR stores it within the app. The “Digital Wallet”Apps T. The Peer to Peer (P2P) Market • Participants changing daily - big business • $400 Billion estimated P2P transfers in 2021 • 20+ Players offering P2P Apps • PayPal first with electronic money transfers (E-Bay) The “Digital Wallet”Apps T. The Peer to Peer (P2P) Market • The use of P2P payment apps continues to gain in popularity. • In 2017, 57% of American adults reported using a P2P service. • That has increased to 70% in 2020. • The market is currently dominated by PayPal, but other P2P services, Venmo, Zelle, Google Pay and Square Cash, have all roughly doubled in reported usage since 2017. The “Digital Wallet”Apps Why So Popular? Easy Way to: • Split/Share Restaurant Bills • Split/Share Vacation Expenses • Split Rent and Utilities (Roommates) • Borrow or Lend Money • Participate in Sports “pools” • Purchase gifts and split among friends • Give $$$ Birthday Gifts “Remotely” • Help out a Child/Grandchild/Friend • Donate to a Cause/Charity The “Digital Wallet”Apps Apps to Consider The “Digital Wallet”Apps Apps to Consider • First big entry into Digital Payment Arena • 1998 - “Confinity” • 2002 - Bought by E-Bay - Business Only • 2015 - Spun Off by E-Bay Begins Peer to Peer The “Digital Wallet”Apps Apps to Consider • Used by Grand Computers Club for online payment for classes - Club pays fees • Highest Fees (both for Credit/Debit) of all P2P Applications • Used extensively in Online Shopping • Domestic and Foreign The “Digital Wallet”Apps Apps to Consider • 2009 Created for simple peer to peer payment applications • 2013 PayPal acquired (Braintree) • Pay via digital wallet • Linked to bank account debit card The “Digital Wallet”Apps Apps to Consider • Can be used within Apple iMessage • Balance can be held • US Only • Social Aspect - Messages & Emojis The “Digital Wallet”Apps Apps to Consider • Bank Owned Mobile payment app • 2016 - 7 Major US Banks purchase EWS • Bank of America • BB&T • Capital One • JPMorgan Chase • PNC Bank • Wells Fargo • U.S. Bank The “Digital Wallet”Apps Apps to Consider • 2017 Re-Branded and Re-Launched • Payment Bank to Bank - No Intermediary • 7,000 Financial Institutions rely on the app and offer to their customers • ONE person must be in Zelle bank system • Linked to bank account or debit card • Immediate Access to Money • No Fees • No Credit Card • US Only The “Digital Wallet”Apps Apps to Consider • 2009 “Square” Founded for Business to Business Payment Processing by Jack Dorsey (Twitter Founder) • 2013 Launched “Cash App” for Peer to Peer The “Digital Wallet”Apps Apps to Consider • Can be used within Apple iMessage • Can purchase cryptocurrency and trade stocks • US Only • Fees for quick transfers • Fees for Credit Cards The “Digital Wallet”Apps Apps to Consider • 2017 - Apple Cash born out of Apple Pay • Apple Wallet The “Digital Wallet”Apps Apps to Consider • Apple Cash connected to Apple Wallet • No fees unless using “Instant” transfers • Retail purchases and P2P transfers • No credit cards HOWEVER - Apple Credit card gives “Cash Back” to your Apple Cash account The “Digital Wallet”Apps Apps to Consider • Users send/receive money directly through iMessage or can use Siri’s voice- activated technology - “Siri - Pay John Vivian $5” • Only available within iPhone, iPad , Apple Watch ecosystem • Study by Consumer Reports, Apple Cash is the best peer-to-peer mobile payments service thanks to Apple's robust security and privacy policies. The “Digital Wallet”Apps Apps to Consider • 2018 - Mobile wallet like Apple Wallet • Merged Google Wallet and Android Pay • Retail purchases & P2P • Send/receive money directly through Gmail • Send/receive through Android Message App and Google Home smart speaker • No fees/No credit cards • US Only The “Digital Wallet”Apps Can Use Them ALL!! The “Digital Wallet”Apps Security • P2P Apps are secure HOWEVER • Use them ONLY with friends/family and CONFIRM who you are sending $$ to • Apps will NOT refund $$ sent accidentally to the wrong person once received The “Digital Wallet”Apps Security •Avoid scams by going directly to the site or opening a trusted app rather than clicking on links or calling phone numbers provided via text, voice calls or email. The “Digital Wallet”Apps Security •Platforms (like PayPal) will cover money sent for Goods and Services if they don’t show up as promised •Sending money to individuals - “Friends and Family,” is NOT protected by any apps once received on the other end • An effort will be made to help reclaim The “Digital Wallet”Apps What are the Risks? The “Digital Wallet”Apps Demonstration Venmo Zelle Google Pay iMessage Apple Wallet “Digital Wallet” App Overview Your Experiences? Raise Your Hand for the Mike! “Digital Wallet” Additional Questions? “Digital Wallet” See you at the General Meeting! Thanks for Attending Today!.
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