Apple reportedly building person-to-person payment service, could debut in 2016


When Apple debuted Pay, its mobile payments option, many believed that it was just the beginning, and that Apple’s plans for the option would eventually expand to serve other niche areas.

One of those things could be a person-to-person payment service, if a new report from the Wall Street Journal is to be believed. The service could be positioned as a sort of expansion of Apple Pay if it does indeed become a reality, and, as the title suggests, would allow users to send money to another user directly.

As of now, the report indicates that Apple is simply in talks to formulate the service, and it is unknown if the Cupertino-based company has landed any deals with the banks just yet. As it stands, Apple is said to be actively speaking with Chase Bank, U.S. Bank, Wells Fargo, and Capital One.

Person-to-person payments would be a nice boon for Apple Pay, and would be a comfortable extension of the service as it is now. Being able to use Pay to simply pay a friend back would be pretty convenient.

As far as a launch date, nothing has been finalized, it seems, but Apple could be considering a launch sometime in 2016.

What do you think of the idea?

[via The Wall Street Journal]