“Apple Inc. is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal Inc.’s popular Venmo platform, according to people familiar with the talks,” Robin Sidel reports for The Wall Street Journal. “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 under consideration would allow consumers to zap payments from their checking accounts to recipients through their Apple devices,” Sidel reports. “The service would likely be linked to the company’s Apple Pay system, which allows customers to make credit-card and debit-card payments with their mobile phones… Apple has said it has 2,500 U.S. issuing banks supporting Apple Pay and it expects more than 1.5 million locations to accept its payment service by year-end.”
“A launch isn’t imminent, but one person said such a service could get off the ground next year,” Sidel reports. “Apple has been talking with a number of banks about the service, including J.P. Morgan Chase & Co., Capital One Financial Corp., Wells Fargo & Co. and U.S. Bancorp.”
Read more in the full article here.
MacDailyNews Take: Would you like some Tums, PayPal?
DING DING…
I think this should be a high priority. I don’t run payments through PayPal anymore.
Yup this should be P1 at Apple, a link to eBay would be cool as well… I grimace every time I use PayPal, their fees are too much IMO.
Fees are one thing, I would imagine, continuing with P2P Apple Pay. I just hope they are no greater than 3%.
My bank does this already. But both parties must use the same bank. Great idea, but might be hard to get banks to sign on.
Would have thought if the fees are right for them they would jump at it.
YES..yes ..and Yes
This sounds exactly like what Square’s Cash app does. Great service. Easy to use. You don’t need to have the same bank to transfer, just a liked debit card.
You just need a $700 iPhone to use the service.
Everyone here already has one. What’s your point?
Hmm. Better short PayPal and Square tomorrow.
-jcr
apple should transition out of electronic, computing, software and become a bank. then they can really waste some money.
Did you really waste 30 seconds of your life writing that? Did I just waste 15 in response.
Apple Watch to Apple Watch would be cool… “Hey Dad, beam me $50. I have a hot date tonight.” Dad – “Did you de-leaf the back lawn and trim the hedges?” Son – “Yes sir!” Dad – “Ok, here you go son, and don’t forget to protect your baby maker.” Zap, Zooey, Zoinks, the $50 is transferred like magic.
Later that night the son returns home with a triumphant grin plastered around his face, as he has just bagged the hottest chick in school. Thanks Apple Watch!
Facebook Messenger already has this.
Sent from my iPhone
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MDN pledges disabling adblocker, but when one does that, immediately serves questionable ads (think MacKeeper).
MDN, clean up your act first.