Reportedly Apple in Talks with U.S Banks on Developing Mobile Person-to-Person Payment Service

Reportedly Apple in Talks with U.S Banks on Developing Mobile Person-to-Person Payment ServiceMoney transaction systems are becoming easier day by day and according to sources familiar with the matter, Apple Inc. is discussing to develop a payment service with the U.S banks. The system will permit users to transfer money to each other's account through phones rather than depending on either cash or checks.

Many Silicon Valley tech companies are trying to dig out ways in which they can persuade the consumers to shift from wallets to digital options. Apple will be joining the race.

Although, small in number but several Americans have started embracing services like this which permits them to bills, baby sitters or split their dinner bills easily.

However, the discussion with the banks is continuing making is uncertain whether the firms have yet struck a deal with Apple. The finer details still remain fluctuating along with the technical aspects which will decide in what was the services will link to the existing infrastructure of the banking industry.

In case the plans of Apple move ahead, the service most probably will be something similar to Venmo platform offered by PayPal Holdings Inc. It is more popular with the younger consumers which they use more for pitching in on gifts and sharing room rents.

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