Apple reportedly working on person-to-person payment service

Apple is reportedly in talks with U.S. banks to develop a person-to-person payment service. According to The Wall Street Journal, the service would most likely be an extension of Apple Pay, allowing users to easily send payments to one another. From The Wall Street Journal:

The service under consideration would allow consumers to zap payments from their checking accounts to recipients through their Apple devices. 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 report goes on to mention the the talks are still very much preliminary, with J.P. Morgan Chase, Capital One, Wells Fargo, and U.S. Bancorp being involved. However, the service could make its debut as early as next year.

With the success of Apple Pay with banks and retailers since its debut last year, a person-to-person payment service does seem like the next logical step for the mobile payments platform. However, if the report is accurate, it looks like it'll be 2016 before we hear of any concrete plans.

Source: The Wall Street Journal

Dan Thorp-Lancaster