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Apple planning to launch a peer-to-peer payment service

A report in the Wall Street Journal has revealed that Apple is planning to launch a peer-to-peer mobile payment service – similar to those already available, like PayPal’s Venmo app.

These services, which are growing in popularity allow users to send sums of money via a third-party app, rather than logging into an online banking system.

However, Apple is currently still in the discussion stages and is currently talking to major US banks like Capital One and J.P. Morgan Chase.

The news comes after Apple applied for a patent for person-to-person payment systems earlier this year. Of course, the idea isn’t new – alongside Venmo, Google has its Wallet app, and other offerings include Square Cash.

The positive news for users is that Apple’s involvement in P2P payment systems could be the catalyst to increase their ubiquity. Currently, their availability and operation is centered around the US market. It’s likely that any technology Apple is working on will be tethered to Apply Pay; adoption and availability of which, is growing.

Apps like Venmo are growing in popularity as it allows users to transfer money non-commercially and for free. Whether it’s for drinks, or food, the process is far quicker than using more traditional online banking services. Other features can include money requests for those that owe them, as well as one-touch checkout in other apps.

Apps also use bank-grade security systems and data encryption to ensure users details are safe.

Apple’s take on the technology will likely arrive at some point in 2016.