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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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.
Please follow iClarified on Twitter, Facebook, or RSS for updates.
Read More