Apple is reportedly gearing up to set in motion a Venmo challenger , but iPhone users might not involve to set up a new app to utilize it .
According toQuartz , the Apple Pay wing into peer - to - equal ( P2P ) money transfers could be integrated into the Messages app for iOS . Because it ’s a aboriginal app for iPhone users , Messages is already highly popular , especially with younger people which run to make up most of the Venmo gang . TechCrunchrecently report that 60 percent of teens use message as their choose electronic messaging app .
On Wednesday , The Wall Street Journalbroke the news that Apple was talking to major banks to possibly bake P2P mobile payments into Apple Pay . Similarly to PayPal - owned Venmo , the service would allow iPhone users to send payments from their checking account statement to one another . P2P mobile payment tend to be minor , more casual , and come about more frequently . They are used primarily to split a broadside or for a group of people to come off in on tumid expenses .
This is how P2P payment look like on Facebook ’s Messanger app . Apple might be considering a similar service for iMessage .
The report said the service is slat for 2016 and that Apple had begin courting major bank , including JP Morgan Chase , Capital One , Wells Fargo , and US Bancorp , to have the service quick by then .
Why this matters : Apple is not the only technical school companionship trying to take a pungency out of Venmo ’s core business . Because these P2P payments are inherently social , it make sense that company like Facebook , Twitter , Snapchat and now Apple are getting involved . Last yearSnapchatand Twitter both unveiled a P2P mobile defrayal feature . Facebook ’s P2P payment servicelaunched earlier this yr , and it was roll into its Messenger app . This strategy is very similar to how Apple might foresee a Messages - based payment option for iOS user .
When it comes to security , Apple may have an advantage over these other social defrayment services . iCloud blooper aside , Messages has a sure trust as a untroubled service . Not even Apple can decrypt your subject matter .
