One thing missing from Apple Pay is the ability to send money to friends. A new report from The Wall Street Journal suggests Apple is talking with banks to make that a reality.
No launch date has been set, but sources claim it could arrive in 2016.
Like the original launch of Apple Pay, it seems many details are still up in the air. According to sources, banks want to know how a P2P payment program would tie into existing infrastructure.
There’s also likely some heels dragging over what cut Apple may take, if any. Apple Pay transactions yield a small percentage for Apple, which transfers encrypted info between banks and payment terminals.
While there are definitely a lot of kinks to work out on this one, Apple Pay is bound to support money transfers at some point. It’s just a matter of time.
➤ Apple in Talks with U.S. Banks to Develop Mobile Person-to-Person Payment Service [The Wall Street Journal]