Apple in Talks to Offer Person-to-Person Apple Pay Service

Apple in Talks to Offer Person-to-Person Apple Pay Service

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Apple is in talks with U.S. banks on developing a mobile person-to-person Apple Pay service that would compete with PayPal's Venmo, reports the WSJ.

The talks are ongoing, and it is unclear if any of the banks have struck an agreement with Apple, these people said. Key details remain in flux, including technical aspects that would determine how the service would tie into the banking industry’s existing infrastructure, they said.

The service would let consumers send payments from their checking accounts to recipients through the Apple Pay. According to the WSJ's sources, a launch is not imminent but it could happen next year.

Apple is said to have been in discussions with J.P. Morgan Chase & Co., Capital One Financial Corp., Wells Fargo & Co. and U.S. Bancorp.

For comparison, sending money through Venmo is free when pulled from a bank account; however, there is a 3% charge on credit cards and some debits cards. Receiving money through Venmo is free.

Apple has been slowly expanding its Apple Pay service with the first store branded card and loyalty program going live just recently.

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Apple in Talks to Offer Person-to-Person Apple Pay Service

prostovank - November 12, 2015 at 12:12am
Cash App by Square :) (They now accept credit cards as well but for a small fee of roughly 1.5%) Google Wallet does this as well.
SwedenIsGreat - November 12, 2015 at 12:00am
In Sweden we have the Swish system, it's free and allows anyone with a phone number to send money to another person, instantly, regardless of bank. iOS and Android. Maybe WP, not sure. The system works flawless and is about two-three years old by now. We are so spoiled! :-)
Lolwut - November 11, 2015 at 11:25pm
Samsung has more to copy.
prostovank - November 11, 2015 at 10:02pm
yes, YES YES!!!!