Apple Inc. is in discussions with U.S. banks to develop a payment service that would let users zap money to one another from their phones rather than relying on cash or checks, according to people familiar with the matter. The move would put the tech giant in competition with an increasing number of Silicon Valley firms trying to persuade...
Apple is reportedly in discussions with US banks over a mobile to phone payment method , which would seek to rival Google 's Venmo service and Square ; an agreement over a deal between Apple and the banks has not yet been reached . In 2014 , mobile banking constituted 46 % of mobile business activity , while Venmo represented 19 % and Square 10 % . It is not yet clear how Apple would monetise the service , but it is possible that Apple would merely be seeking to ensure that customers have no reason to leave their products in order to engage with the daily services they use , in this case , financial services . A product launch is not thought to be imminent , but could arrive next year .