Business Technology

Sunday 30 April 2017

Apple in talks with banks for person-to-person payment service - report

Apple chief executive Tim Cook
Apple chief executive Tim Cook

Apple is in talks with US banks to develop a person-to-person mobile payment service, the Wall Street Journal reported.

The talks are ongoing and it is unclear if any of the banks have signed an agreement with Apple, the Journal said, citing people familiar with the matter.

The service, which would compete with PayPal Inc's popular Venmo, would allow users to transfer funds from their checking accounts through Apple devices, the Journal reported.

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The service would likely be linked to the company’s Apple Pay system, which allows customers to make credit-card and debit-card payments with their mobile phones, the newspaper said.

A launch isn't imminent, but one person told the Journal that Apple could roll it out next year.

Apple has been talking with a number of banks about the service, including JPMorgan Chase & Co, Capital One Financial Corp, Wells Fargo & Co and U.S. Bancorp.

An Apple spokeswoman declined to comment.

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