Reportedly, Apple is working on peer to peer mobile payment system. It looks like the company is planning to take on PayPal with its person to person transfer feature. Currently, person to person money transfer is growing and gaining momentum, so multiple big companies including are trying their hands in this service.
According to the reports of The Wall Street Journal, Apple is in talks with multiple banks for its Peer-to-Peer payment features. Still, there is still no confirmation about signing any banks and not many details have been released either.
According to this report, Apple’s this new feature won’t require any fee from the banks, as currently Apple Pay charges some fee for all transaction made from debit and credit cards. We still don’t have a news about how this feature will work either.
Apple already has its mobile payment system Apple Pay, but it didn’t get much popularity since its launch last year irrespective of the company’s various efforts. The company has recently added some merchant partners like Starbucks and KFC to its mobile payment system.
If the current talks between Apple and Banks work out, this new peer to peer payment feature might start rolling out sometime next year. If Apple’s this payment feature gets launched, users will have another option for person to person money transfer. This means that you won’t have to rely on PayPal and PayPal’s Venmo app.