Apple is reportedly working on a version of its digital wallet that will allow users to engage in peer-to-peer financial transactions, thereby allowing its customers to avoid paying the fees charged by credit card companies to use their payment networks. The new service would be called “iPay,” and it could potentially make Apple’s existing mobile payments system obsolete.
Apple is reportedly working on a version of its digital wallet that will allow users to engage in peer-to-peer financial transactions, thereby allowing its customers to avoid paying the fees charged by credit card companies to use their payment networks. Apple's design will allow two parties in a transaction to make payments between them, which are authenticated by a third party; the details of this process can be found in the linked article.