Apple May Enter P2P Mobile Payments Fray

Apple is in negotiations with several major banks to launch a peer-to-peer mobile payment system that would compete against rival digital payment companies, including PayPal and Square, The Wall Street Journal reported Wednesday. Apple is working on a plan that would allow consumers to transfer funds directly from their checking accounts to other people. It would be similar to the PayPal transfer system operated through Venmo. “It would also be a nice extension to Apple Pay,” said Kevin Krewell, principal analyst at Tirias Research.

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