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Apple in talks to launch peer-to-peer payment service

  • Apple
    is in talks with banks to develop a person-to-person mobile payment service,
    the
    Wall Street Journal reported.
  •  
  • The
    talks are ongoing and it is unclear if any of the banks have signed an

    • Apple
      is in talks with banks to develop a person-to-person mobile payment service,
      the
      Wall Street Journal reported.
    •  
    • The
      talks are ongoing and it is unclear if any of the banks have signed an
      agreement with Apple, the
      WSJ said,
      citing people familiar with the matter.
    •  
    • The
      service, which would compete with PayPal’s popular Venmo, would allow users to
      transfer funds from their checking accounts through Apple devices.
    •  
    • The
      new offering would likely be linked to the company’s Apple Pay system, which
      allows customers to make credit-card and debit-card payments with their mobile
      phones.
    •  
    • A
      launch isn’t imminent, but Apple could roll it out next year. It has been
      talking with a number of banks about the service, including JPMorgan Chase,
      Capital One Financial, Wells Fargo, and US Bancorp.
    •  
    • Apple
      Pay is winning over more US households a year after its launch, but growth has
      slowed, research released late last month showed.
    •  
    • Fourteen
      percent of US households with credit cards had signed up for the payment option
      by the end of September, up from 11 percent in February, Phoenix Marketing
      International said at a payments conference in Las Vegas.
    •  
    • “A
      very rapid initial threshold was achieved by Apple Pay and it is still growing
      but the growth rate has slowed down,” said Greg Weed, director of card
      performance research at Phoenix.

     

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