Apple Is Talking To Banks About A New Person-To-Person Mobile Payments Platform

Apple Mobile-To-Mobile Payments Platform

Apple Inc is in talks with U.S. banks to develop a person-to-person mobile payment service.

The Wall Street Journal says talks are ongoing and it is not clear at this time if any banks have signed an agreement with Apple.

 

Apple’s main goal with the system is to compete directly with PayPal Inc’s popular Venmo payments platform. Apple would allow users to transfer funds from their checking accounts to Apple devices.

The Journal says 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.

There are no details about a launch date, although Apple could jump into that part of the payments sector in early 2016.

The Journal says Apple has been talking to various banks included including JPMorgan Chase & Co,  Capital One Financial Corp., Wells Fargo & Co., and U.S. Bancorp.

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Apple is not commenting on the story at this time.