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
103 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
103 months ago
This was always the obvious next step. Square is in trouble.
Score: 15 Votes (Like | Disagree)
macnewbie91 Avatar
103 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Paypal is outdated.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
103 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
103 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
103 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

BMW Logo iPhone 15 Pro

Warning: BMW Wireless Charging May Break iPhone 15's Apple Pay Chip

Sunday October 1, 2023 6:14 am PDT by
If you have an iPhone 15 and drive a BMW, it might be best to avoid charging the device with the vehicle's wireless charging pad for now. Over the past week, some BMW owners have complained that their iPhone 15's NFC chip no longer works after charging the device with their vehicle's wireless charging pad, according to comments shared on the MacRumors Forums and X, formerly known as Twitter. ...
Multi Display CarPlay 1

All-New Apple CarPlay Launching Later This Year With These 5 New Features

Friday September 29, 2023 11:29 am PDT by
At WWDC 2022 last year, Apple previewed the next generation of CarPlay, promising deeper integration with vehicle functions like A/C and FM radio, support for multiple displays across the dashboard, personalization options, and more. Apple said the first vehicles with support for the next-generation CarPlay experience would be announced in late 2023, but it has still not shared any additional...
Apple Watch Edition Gold 2015

Original Apple Watch is Now Obsolete, Including $17,000 Gold Model

Monday October 2, 2023 9:15 am PDT by
All first-generation Apple Watch models released in 2015 were added to Apple's obsolete products list on September 30, according to an internal memo obtained by MacRumors. As a result, these outdated "Series 0" watches are no longer eligible for repairs or other service at Apple Stores and Apple Authorized Service Provider locations. The list of obsolete models includes the first-generation...
iPhone 15 Pro lineup

Apple to Address iPhone 15 Pro Overheating Issue With iOS 17 Update

Saturday September 30, 2023 9:28 am PDT by
Apple plans to release an iOS 17 update to address a bug that may contribute to the reported iPhone 15 Pro and iPhone 15 Pro Max overheating issue, according to a statement the company shared today with MacRumors and Forbes reporter David Phelan. Apple also says some recent updates to third-party apps have overloaded the system and contributed to the overheating issue. The report notes that...
Apple Logo Spotlight

Mac Trade-In Changes May Indicate New Model to Launch This Month

Tuesday October 3, 2023 6:30 am PDT by
Apple may be proceeding with plans to release a new Mac model this month, according to potentially related information obtained by MacRumors. Details pertaining to imminent changes to Mac trade-ins provided to MacRumors by a verified source suggest that Apple will likely begin accepting new models for trade-in this month. Similar changes in June coincided with WWDC, when Apple began accepting...
iphone se 4 modified flag edges

iPhone SE 4 Details: Action Button, USB-C Port, Face ID, and More

Wednesday September 27, 2023 1:34 pm PDT by
Significant changes are expected to arrive with Apple's fourth-generation iPhone SE, in terms of both design and hardware, MacRumors has learned. The iPhone SE 4, known internally under the codename Ghost, is expected to receive a new design derived almost entirely from the base model iPhone 14. According to our sources, the iPhone SE 4 will use a modified version of the iPhone 14 chassis...