If they transact like a credit card processor, there are fees.
This is setup so that you can run an existing merchant app (launching with Stripe) and collect money with all of the same fee requirements as using stripe normally.
That being said, I use Apple Pay all the time to send money between my partner and me. It is tied to iMessage but since we are always texting anyways it is super convenient. But the convenience may largely be due to already having my payment information as part of Apple Pay to begin with. But it just uses my debit card to send money, it doesn't need access to my bank account.
edit: typo
so its a non-starter for me.
although one time I did a chargeback on a Venmo transaction, and Venmo banned me. that was an inconvenient few months before I maybe tricked their system. maybe as in I'm not sure they are just tolerating me.
A couple reasons when eating that credit card fee is worth it for me:
1) Although it is accurate that paying the merchant fees yourself as a consumer makes it a loss on the credit card points, the points themselves can have a much higher exchange rate with transfer partners, which makes it not a loss. For example, with the credit card company their points are range from a value of half a cent to 2 cents each, a hotel or airline may have a fixed exchange rate based on a different metric such as quality or distance, that is completely decoupled from the current dollar value of the good and service. (ie. a fancy hotel might cost $300 one night and $1,700 another night, but only costs 25,000 points all nights. better to just have a balance of points)
2) Many of my purchases are expenses I deduct against my taxable earnings, and that makes me less price sensitive and more spend sensitive. The points I can use solely for my consumptive activities, which makes play time free.
FedNow instant payments will provide coverage for all US banks within 2-3 years.