Not to be outdone by competitors, new evidence suggests that Apple will be getting in on the person-to-person payment game. The new service will likely be an extension to the company’s current Apple Pay service rather than a standalone app. Apple is currently in talks with many of the nation’s largest banks, but the company does not intend to charge the banks per transaction as it currently does with its Apple Pay service. It’s unclear how Apple intends to make money off of this new person-to-person payment service, but it’s possible that Apple simply wants to keep users within its own branded applications as opposed to using its competitors like Venmo and Square Cash. Apple is likely targeting a 2016 debut.
Read the full article here: Apple Working on Mobile Person-to-Person Payment Service