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 phone to phone payment method, which would seek to rival PayPal'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 transaction 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. The report also states that Apple's new iPhone will feature NFC technology for contactless payments, although there are currently no plans to implement such technology.
Apple is reportedly in discussions with US banks over a phone to phone payment method, which would seek to rival PayPal'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 transaction 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. The report also states that Apple's new iPhone will feature NFC technology for contactless payments, although there are currently no plans to implement such technology.