Apple Working on Mobile Person-to-Person Payment Service

Apple is in talks with U.S. banks over a potential person-to-person mobile payments service, reports The Wall Street Journal. Such a service would perhaps be positioned as an expansion to Apple Pay, and it would allow people to send each other payments, much like PayPal's Venmo or Square's Square Cash service.

apple pay wwdc 2015
Little is known about the talks at this early date, but The Wall Street Journal says communication between Apple and the banks is ongoing and it's not known if Apple has inked any concrete deals. Apple is said to be speaking to Chase, Capital One, Wells Fargo, and U.S. Bank, but key details "remain in flux" and the technical details still need to be worked out.

It isn't clear how Apple intends to make money from the service. Indeed, the company may view a person-to-person offering mostly as a way to get more consumers to convert to its phones.

Under the current discussions, Apple wouldn’t charge the banks for participating in its person-to-person payment service, said the person familiar with the talks. That is different from Apple Pay in which the banks pay Apple for each transaction

Person-to-person services like Venmo and Square Cash are used for personal payments and are useful for things like paying back a friend who bought dinner or splitting a rent payment. With Apple's system, iPhone and iPad owners could perhaps use Apple Pay to send secure payments to one another from a checking account.

A launch date for the service is unclear as of yet, but Apple may be targeting a 2016 debut.

Related Roundup: Apple Pay

Top Rated Comments

igorsky Avatar
95 months ago
If both parties need iOS devices, this idea is DOA.
You're right...it's so hard to find other people with iOS devices.
Score: 25 Votes (Like | Disagree)
Patriot24 Avatar
95 months ago
This was always the obvious next step. Square is in trouble.
Score: 15 Votes (Like | Disagree)
macnewbie91 Avatar
95 months ago
I think it's great that Apple dropped Paypal credit from their accepted payment methods, for what it looks like to come up with their own service.

Paypal is outdated.

-They don't have chipped cards.
-They take a slice of the pie for each transaction.
-They charge high interest rates.
-They take 3-5 days to simply transfer money from one bank to the other.

I didn't realize it was 1993 still.
Score: 10 Votes (Like | Disagree)
thewebb Avatar
95 months ago
i love how Apple copied Google Wallet.
I love how Apple did it it way better that Google had to redo theirs and rename it Android Pay.
Score: 9 Votes (Like | Disagree)
Glassed Silver Avatar
95 months ago
Indeed, the company may view a person-to-person offering mostly as a way to get more consumers to convert to its phones.
If both parties need iOS devices, this idea is DOA.

Glassed Silver:mac
Score: 8 Votes (Like | Disagree)
Nicksd84 Avatar
95 months ago
If both parties need iOS devices, this idea is DOA.

Glassed Silver:mac
Nuh uh. Us Apple people spend all the monies!
Score: 7 Votes (Like | Disagree)

Popular Stories

iOS 16

iOS 16.3 Now Available for Your iPhone With These 4 New Features

Friday February 3, 2023 1:13 pm PST by
Apple released iOS 16.3 in late January following nearly six weeks of beta testing. The software update is available for the iPhone 8 and newer, and while it is a relatively minor update, it still includes a handful of new features, changes, and bug fixes. Below, we've recapped new features in iOS 16.3, including support for physical security keys as a two-factor authentication option for...
iPhone 14 Pro Purple Side Perspective Feature Purple

Gurman: Apple Considering New High-End iPhone Alongside Pro and Pro Max

Sunday February 5, 2023 6:07 am PST by
Apple has discussed selling a new top-of-the-line iPhone alongside the Pro and Pro Max models in 2024 at the earliest, according to Bloomberg's Mark Gurman. Based on this timeframe, the device would be part of the iPhone 16 lineup or later. In a September 2022 edition of his weekly "Power On" newsletter, Gurman said there was "potential" for an iPhone 15 Ultra to replace the iPhone 15 Pro...
ipad air purple

Deals: M1 iPad Air Hits Record-Low Prices at TigerDirect, Starting at $313.99 (48% Off) [Updated]

Saturday February 4, 2023 10:05 am PST by
Online retailer TigerDirect has slashed pricing on the M1 iPad Air in several colors, offering the base 64GB configuration for just $313.99 in Purple and Pink. Note: MacRumors is an affiliate partner with TigerDirect. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running. That's a savings of 48% compared to Apple's normal $599.00...
mac studio pink

Apple May Not Launch Updated Mac Studio With M2 Ultra Chip Due to Similarity With Upcoming Mac Pro

Sunday February 5, 2023 6:06 am PST by
A new version of the Mac Studio with the "M2 Ultra" chip is unlikely to arrive in the near future, according to Bloomberg's Mark Gurman. In the latest edition of his "Power On" newsletter, Gurman explained that since the upcoming Apple silicon Mac Pro is "very similar in functionality to the Mac Studio," Apple may wait until the release of M3- or M4-series chips to update the machine, or...
HomePod 2 White and Midnight Feature Purple Orange

Apple Releases tvOS 16.3.1 and HomePod 16.3.1 Software Updates

Monday February 6, 2023 10:13 am PST by
Apple today released new tvOS 16.3.1 and HomePod 16.3.1 software updates, with the software coming two weeks after the tvOS 16.3 and HomePod 16.3 updates were released. According to Apple's release notes for HomePod software 16.3.1, the update includes general performance and stability improvements. Notes for tvOS 16.3.1 are unavailable as of yet, but are probably similar to the HomePod...
iPhone 15 Pro Blue Feature

iPhone 15 Pro 'Buttonless Design' Rumors: Everything We Know

Monday February 6, 2023 7:44 am PST by
The iPhone 15 Pro models will feature a "buttonless design" thanks to additional Taptic Engines, according to multiple corroborated reports, so what do we know about the change so far? Apple analyst Ming-Chi Kuo was first to report that the volume and power buttons on this year's two high-end iPhone models will adopt a solid-state design, similar to the iPhone 7's home button, replacing a...
iphone ultra concept daehnert

'iPhone Ultra' Concept Envisions Apple's Rumored Future Top-Tier Smartphone

Tuesday February 7, 2023 5:38 am PST by
Apple has reportedly considered releasing a new top-of-the-line iPhone alongside future Pro and Pro Max models, tentatively referred to as "iPhone Ultra," and one designer has taken it upon himself to envision what such a device could potentially look like. German industrial designer Jonas Daehnert came up with this impressive-looking concept (pictured) by marrying design elements of the...
webkit vs chromium feature

Google Working on Browser for iOS That Would Break Apple's App Store Rules

Saturday February 4, 2023 1:30 am PST by
Google's Chromium developers are working on an experimental web browser for iOS that would break Apple's browser engine restrictions, The Register reports. The experimental browser, which is being actively pursued by developers, uses Google's Blink engine. Yet if Google attempted to release it on the App Store, it would not pass Apple's App Review process. Apple's App Store rules dictate...