“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.”
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