Apple is in discussions with U.S. banks such as J.P. Morgan Chase, Capital One, Wells Fargo, and U.S. Bancorp to develop a mobile person-to-person payment service that would compete with PayPal’s Venmo platform, reports The Wall Street Journal, quoting unnamed “people familiar with the talks.”
The article describes the talks as ongoing and notes that it’s unclear if Apple and any banks have struck a deal. If — and that’s with a capital I — the deals are worked out, the service could launch next year. The WSJ says that, under the current discussions, Apple wouldn’t charge the banks for participating in its person-to-person payment service, which is different from Apple Pay in which the banks pay Apple for each transaction.
Person-to-person services like Venmo and Square Cash allow users to send payments to each other. You can also move money from Venmo to your bank account in as little as one business day.