The mobile person-to-person (P2P) payment field is a burgeoning market that is still wide open. Venmo, which is owned by PayPal, Google Wallet, and Facebook all have a stake in the P2P world, but there’s no single dominant player. Enter Apple. New reports suggest that the tech giant is working with banks to create its own P2P service, which could lead to some major changes in the landscape.
Mobile P2P payments are becoming an increasingly common part of the younger generation’s day-to-day life. Paying friends for coffee and dinner or for movie tickets is simple and straight-forward when a checking account is directly tied to a P2P app. However, with no single company securing a strong foothold in this market, Apple could have a strong advantage when it enters the competition.
Apple’s big advantage is that it has a huge iOS user base with access to the same apps and capabilities. By connecting a P2P payment service with its growing Apple Pay system, mobile P2P payments would become easier than ever. Apple is in talks with major banks in an effort to negotiate a way to have users connect their checking accounts much in the same way that other P2P services do. If Apple is able to connect P2P payments to Apple Pay then the possibilities are endless for streamlined services. Imagine being able to pay a friend through a iMessages or even by tapping phones together. This could be made even easier with Apple Watch integration!
If any company is going to revolutionize mobile P2P payments it will be Apple. Don’t be surprised when they show up in the market with some big new innovations!
Read the full article here: How Apple could shake up mobile person-to-person payments