Many of those banks, presumably, are already partners with Apple Pay, the company’s existing payment service that allows iPhone owners to make payments at retail checkout counters. Apple is said to be speaking to Chase, Capital One, Wells Fargo, and U.S. Bank, but key details “remain in flux” and the technical details still need to be worked out.
Advertisement
But Apple’s proposed service might not bring it riches directly.
Apple is reportedly in negotiations with U.S. 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 now ongoing though there’s no confirmation that any banks have actually signed on yet.
A launch date for the service is unclear as of yet, but Apple may be targeting a 2016 debut.
Shares of PayPal – which runs a similar P2P payment service called Venmo – sunk 2.6% in afternoon trading, while Apple shares stayed flat at $116.50.
The service, if it does launch, would immediately inject hype into the nascent person-to-person mobile payments market. If the new service takes advantage of NFC, it may allow users to pay one another with a quick tap of a phone.
Advertisement
Apple declined to comment on the Journal report.
