Not content to rule the world of mobile software and hardware, Apple is reportedly working on boosting its role as a payments solution by entering the arena of person-to-person payments.
Like PayPal’s Venmo, a system that facilitates easy mobile person-to-person payments, the Apple version would do the same but with the added benefit of being native to Apple’s mobile devices.
Word of the possible new service came via the Wall Street Journal on Wednesday. Citing sources familiar with the matter, the newspaper says the company has been in talks with a number of the banks including Capital One Financial Corp., U.S. Bancorp., Wells Fargo & Co. and J.P. Morgan Chase & Co.
And while no decision has been made regarding the service, the paper reports that the service could be live as soon as 2016.
Tapping into the person-to-person space is a natural fit for Apple as Venmo has become a popular option for many (particularly younger) iPhone users to send and receive money. Marrying that kind of Apple Pay functionality with one of the leading smartphones in the U.S., as well as the Apple Watch, could turn the tech company into a mobile money transfer powerhouse.
Apple has made it very clear that Apple Pay isn’t some sort of limited hobby (as Steve Jobs called Apple TV in its early days) and it has every intention of capturing as much of the mobile payments market as possible.
Just a few weeks ago, the company announced that it added Starbucks, KFC and Chili’s to its ever-growing list of vendors that accept Apple Pay.
In recent months, Apple has been hammering home the message that part of the company’s future is in getting ahead of the death of paper cash transactions.
Speaking to a group of students at Trinity College in Dublin, Ireland earlier this week, Apple CEO Tim Cook said, “Your kids will not know what money is.”