Apple is in talks with a host of US banks to expand its Apple Pay platform to include person-to-person payments.
According to a Wall Street Journal report, the firm wants to enable iPhone and Apple Watch users to quickly transfer cash to others using their stored financial information.
The firm is talking with major banks such as Chase, Wells Fargo, Capital One and JP Morgan, according to the report, but it isn’t clear whether deals have already been struck.
(pullqupte)Extending to personal payments would be the next logical step for Apple, considering Apple Pay’s hot start and the NFC functionality within all of its newer mobile devices.
Many of its mobile payment rivals – such as Google, Square and Facebook – are all in on mobile payments, as well as the PayPal-owned Venmo platform. According to recent research, the latter already accounts for 19% of P2P payments in the United States.
Related: Android Pay vs Apple Pay
If Apple were able to strike agreements with banks, iPhone users could soon be splitting tabs at the bar and bills at home, as well as easily paying back pals who’ve grabbed concert tickets and the like.
Apple Pay is already available in the United States and the UK, while the firm plans to roll it out in Australia and Canada before the year is out.
The company plans to bring the mobile wallet to Spain, Hong Kong and Singapore in 2016. Earlier on Wednesday, CEO Tim Cook said Ireland is also on the firm’s agenda.
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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
