A recent report says that Apple Inc. has been involved in discussions with various banks in the U.S. as it looks to develop a payment service that allows a user to zap money to another just by using their phones, thereby revolutionizing the way transactions are done in the future.
According to a report from The Wall Street Journal, Apple is looking to digitalize payment more than before. Several firms in Silicon Valley have been in pursuit of the same goal: to get Americans to stop paying with cash and even leave their wallets at home when they go out to dine or shop. For now, it is unclear if Apple has found the partner it wants. It is even unclear how the bank will be able to work with Apple using its current system.
Should Apple succeed, there would be another system that would discourage Americans from paying for anything using their cash or checks. Moreover, being able to send payment in a zap also means it would be easier to send money to family and friends or pay people who serve as daily service providers. Moreover, the report from The Wall Street Journal suggest that Apple would most likely link this person-to-person payment system with the company’s existing Apple Pay system.
On the other hand, if Apple pursues this development, it will most likely be competing with PayPal’s Venmo, which services 19% of mobile person-to-person payments at the moment. The service allows you to send money instantly for free. Payments can be done using money in one’s Venmo account, bank account or debit card. It prides in being able to make this happen in seconds.