Apple’s person-to-person mobile payment service planned for launch in 2016

Apple Pay1

Apple Pay has been around for more than a year and Apple is said to be working hard on expanding its mobile payment service.

According to The Wall Street Journal, people familiar with the matter claim that Apple is in talks with several banks in the US to launch a person-to-person mobile payment service next year. It will enable individuals to transfer money between friends and family members with their iOS devices.

Based on current plans, the person-to-person mobile payment service works slightly different from Apple Pay; banks will not be charged for processing person-to-person payments. At the moment, no deals have been signed and discussions are still going on with regards to the technical implementation.

The Wall Street Journal suggests that Apple could tap into an existing system, ‘clearXchange’ which depends on checking accounts to transfer money via an email address or phone number. To make the process seamless for users, Apple could connect it to the Apple ID in the background.

The Wall Street Journal – “The service under consideration would allow consumers to zap payments from their checking accounts to recipients through their Apple devices. The service 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.”

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