Person-to-Person Payment Services Coming to Apple Pay in 2016

Person-to-Person Payment Services Coming to Apply Pay in 2016

Apple is talking to major US banks about person-to-person payment services, reports The Wall Street Journal. While the details are mostly unknown, the Apple Pay expansion would compete with services such as PayPal’s Venmo or Square’s Square Cash. The new Apple Pay feature would allow for personal money exchanges, such as paying a friend back for dinner or splitting a bill payment. Friends would quickly and securely be able to exchange money.

Apple is talking to Chase, Wells Fargo, Capital One, and US Bank about the expansion, but it’s unclear if contracts have been outlined. There is question of how Apple would make money off the new service as the banks wouldn’t pay them for the small transfer. WSJ speculated that Apple may introduce the service for the byproduct value which would be more users buying iPhones and uptaking Apple Pay services. It’s too soon to know the launch date for person-to-person payment, but we’ll likely see the addition in 2016.

 

Top Image Credit: Blackzheep / Shutterstock.com

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Conner Carey's writing can be found at conpoet.com. She is currently writing a book, creating lots of content, and writing poetry via @conpoet on Instagram. She lives in an RV full-time with her mom, Jan and dog, Jodi as they slow-travel around the country.