According to reports, Apple is said to be in negotiations with several big banks to create a person-to-person payment system that would allow you to transfer money quickly and easily.
The Wall Street Journal state that this new service “would allow consumers to send payments from their checking accounts to recipients through their Apple devices”.
This sounds like something that could come in particularly handy; whether it’s splitting a restaurant bill, sending money to a child at university/college, clubbing together to buy a present, or paying the window cleaner.
I’m sure you’ll agree, a person-to-person payment service – where you don’t need to enter the recipient’s bank details – is something that we could all use in everyday life.
How Apple would make money from this new service however isn’t clear. Are they doing it purely to enhance user experience or will they attach a monetary value to the service? And how will this compare with the services already offered by Facebook and Paypal?
The inclusion of big banks feels like a double edged sword. On one hand it sounds like this is something that could be very mainstream and would link to our personal accounts and possibly Apple Pay. But on the other hand, banks have a reputation for being notoriously bureaucratic, so it could be a while before anything comes to light.
Definitely feels like one to watch…