Key insights
- Apple is reportedly developing a new feature for iPhones that allows users to split restaurant bills by photographing a receipt. The feature aims to automatically identify items, calculate individual costs including tax and tip, and facilitate payment requests. While this could enhance user convenience and potentially impact existing payment apps like PayPal and Venmo, its direct influence on broader US equity market movements is currently limited.
Yahoo Finance Senior Reporter Brooke DiPalma and Senior Business Reporter Ines Ferre join Josh Lipton on Market Domination to discuss Apple's (AAPL) new feature to split bills by taking a photo of a receipt.
Story number two. Reporter Mark Gurman has this group in as Apple's building a feature, he's reporting where you, I guess if I understand this right, you take a photo of your restaurant bill, your iPhone sort of figures out who ordered what, calculates, you know, your tax and your tip, you send the payment request automatically. Is this the the the end of those awkward dinner group dinner conversations?
Yeah, I mean it seems to be. You can photograph the receipt, then you can assign items to different people. You can approve payments through your Apple Watch. I mean it all is so integrated and it is an easier way to handle the dinner at the end of the night instead of both of you putting down a credit card or three people putting down a credit card and split it in three, you split in the way that you think is you should because Yeah.
Or based on what you got or something like that.
What I will say though is so interesting is lately in New York City, I've been seeing toast lean into this by maybe even providing QR codes at restaurants so that each attendant can scan it, pick what they got and then divide the bill that way. So I do wonder what this means for Toast. I wonder what this means for PayPal, for Venmo.
It's Apple's integration that's the strength here if you work it into the...
Yeah, 100%. Think about it. I mean, I use tap to pay. You guys probably see that.
You use it. If you can integrate it into Wallet, to Messages, what does that mean for third-party apps?
Exactly. Exactly. There's also companies out there like we were talking about before we jumped on air, Splitwise. I mean, if you're in my same age group and you're going on a bachelorette party, seems like every other weekend or a lot of times during the year, split wise is the go to or basically you settle your payments, you add all the things that you're spending on, other people add so that maybe by the end of the trip, me and you only owe each other $10. Maybe you owe me because what I paid adds up to what you paid and vice versa. So Splitwise, that can impact other companies as well.
So you're not using Venmo, you're that's
So, we're using Splitwise just to settle up the payments and then I'll Venmo whoever I owe. I'm pretty sure though with Splitwise you can also integrate your your wallet into you integrate your bank account, but I've never used Apple Cash. I've only used tap to pay. I don't know if you they sort of use an example of kids using Apple cash.
Yeah, it's a very Apple thing cuz you're taking something, it's a very Apple thing. Yeah, you take a task and also they just they're good at like taking a task or a chore and then making it sort of feel frictionless. That's an Apple thing. And Apple's big software show coming up, so we'll see if we'll see if Gurman's reporting is right. It almost always is. Good report from Mark.
Yes.