Apple Might Be Preparing for P2P Payments, In Talks With Banks

Apple Inc. is in discussions with US banks to develop a mobile-to-mobile payment service that would let users transfer money to one another from their phones, which seems to be something very similar to Venmo and PayPal.

Apple’s own payments system Apple Pay along with other mobile payment systems has been focusing on moving customers away from their wallets, cash, checks and cards in mobile-to-merchant relationships. The new service will be entering the highly competitive space of mobile-to-mobile transactions where PayPal and Venmo have significant shares.

In July, LTP reported that Apple had filed a patent application titled, Person-to-Person Payments Using Electronic Devices to the US Patent and Trademark office. Apple has ...

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