Apple working (again) on mobile P2P service

Given the fact that iMessage and Siri already feature payment services from third parties, it would make sense that Apple's offering would also integrate into its messaging and voice command services. Being in use for everything, it allows through splitting dinner bills to paying rent. The report also mentioned that Apple was considering its own prepaid card that would run on Visa's debit network. Apple Pay was launched in 2014 as a way to let shoppers load their credit card and debit card information onto their iPhones in the form of "mobile wallets". The cards would also have their own numbers to be eligible for wider online purchases, not just limited to Apple products.

Apple declined to comment on the story.

By some measures, Apple Inc.'s (NASDAQ:AAPL) Apple Pay has been a success, especially over the past year.

Note: This service would likely launch in the United States at first, with the UK months down the line-if it's really a thing. The service has an uphill battle in physical stores because it is not accepted everywhere and is not widely viewed as a significant upgrade over physical cards.

Industry insiders are definitely excited about the service's future happening inside websites and apps.


Apple charges its bank partners 0.15 percent for every Apple Pay transaction in the US.

Users would have access to funds on the card the moment it is sent - instead of waiting for the money to clear in their bank account. According to Recode, Apple has been talking with its partners to revamp its Apple Pay system to secure its lead in mobile payments. However, the card is apparently raising concerns among banking executives who will have to battle with Apple to woo consumers. "If you are top of wallet, you are top of mind".

Visa's reported involvement, however, adds a new dimension to this approach.

There is a chance that banks' fears may be overblown, however. Apple Pay works at supported retailers that accepts contactless payments in fifteen countries, including the United States and China.


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