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 WSJstates 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.
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