Apple said to be planning person-to-person payments service

Report says service isn't imminent but could launch in 2016

Apple is in talks with major banks on an extension of its Apple Pay service that would allow person-to-person payments.

Apple Pay is coming to Australia this year.

The discussions are continuing and it's unclear whether any banks have struck a deal with Apple, reported The Wall Street Journal on Wednesday, citing "people familiar with the talks."

The newspaper said the envisaged service would allow users to send payments from their checking accounts to others using their phone and isn't imminent. It said one person had told it the service could launch in 2016.

A number of banks are involved in the talks, including JP Morgan Chase, Capital One, Wells Fargo and US Bancorp, it said.

The service, if it does launch, would immediately inject hype into the nascent person-to-person mobile payments market.

Several competing services currently offer such payments, but their penetration is still low among smartphone users. Among these is Venmo, from PayPal, and services from Google and Facebook.

The mobile payments market got a huge visibility boost last year when Apple launched Apple Pay. It debuted about three years after Google launched Google Wallet, but proved to be the catalyst that kick-started serious development and competition in the market.

Still, the overall use of smartphones for payments remains low. Companies are keen to increase that as they stand to make a slice of each purchase in transaction fees.

But Apple's proposed service might not bring it riches directly. The Wall Street Journal said banks wouldn't be charged for participating in the service, which might mean Apple views it as a loss-leader that would attract more customers to its iPhone or help to normalize the use of Apple Pay among consumers.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Apple

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Martyn Williams

IDG News Service
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?