Latest in Androidpay

Image credit:

Apple is reportedly working on peer-to-peer payments

50 Shares
Share
Tweet
Share

Sponsored Links

Apple is reportedly in negotiations with US banks to create a mobile personal payment platform that would compete with PayPal's popular Venmo app. The Wall Street Journal, citing unnamed sources close to the talks, states that discussions are currently ongoing though there's no confirmation that any banks have actually signed on yet. Chase, Capital One, Wells Fargo and Bank have all been named as potential partners.

There's also virtually no information on how the system would actually work. The WSJ states that the service would allow users to wirelessly transfer funds from their checking accounts to other Apple devices, presumably using an extension of the company's existing Apple Pay feature. This seems the most likely probability given that Apple (as well as Google and Samsung) has been pushing hard for mobile payments at retail locations -- this seems the next logical step.

Interestingly, the WSJ's source says that unlike Apple Pay -- wherein banks have to pay a fee for each transaction -- this peer-to-peer scheme wouldn't cost the financial institutions a dime. As such, it's not clear how Apple would benefit from the venture unless it starts charging customers directly for these mobile payments. Should the plan move forward, the WSJ reports that Apple's service could roll out as early as 2016.

[Image Credit: Getty Images]

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
50 Shares
Share
Tweet
Share

Popular on Engadget

Google Duplex begins international rollout with a New Zealand pilot

Google Duplex begins international rollout with a New Zealand pilot

View
The Morning After: A final trailer for 'Star Wars: The Rise of Skywalker'

The Morning After: A final trailer for 'Star Wars: The Rise of Skywalker'

View
Todoist 'Foundations' update adds a host of organization features

Todoist 'Foundations' update adds a host of organization features

View
Microsoft's latest VR experiment is a literal walk in the park

Microsoft's latest VR experiment is a literal walk in the park

View
Lilium proves its electric air taxi can fly

Lilium proves its electric air taxi can fly

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr