Home In the U.S. Apple started creating a money transfer system

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Apple started creating a money transfer system

'12.11.2015' Source: ITC Subscribe to ForumDaily on Google News

According to The Wall Street Journal, Apple is currently holding business meetings with major US financial institutions, including JP Morgan Chase, Wells Fargo, Capital One Financial and US Bancorp. The purpose of these meetings, as reported, is to discuss plans to launch its own money transfer system P2P, which will compete with PayPal and other market participants.

In addition to PayPal, P2P transfers are provided by companies such as Venmo, Square and Google. In the case of PayPal, users need to install the official mobile application and transfer the required amount of money to the recipient, indicating his mobile number or postal address. Money can be transferred either from a PayPal account or a bank account linked to a PayPal account, or from a regular credit card.

Despite the fact that during his recent stay in Ireland, Apple CEO Tim Cook mentioned the absence of any plans to enter the banking segment, the company continues to develop its own Apple Pay payment service. It is possible that the potential service of P2P transfers will flow into Apple Pay. But even if that happens, Apple’s entry into the P2P translations market will be slightly overdue.

During the announcement of Android Pay, it turned out that Google had taken and turned Google Wallet’s own payment service into P2P transfer service. This service has been successfully running for several months. The only way for Apple to make up for lost time is an alliance with banks and connecting to existing systems. For example, the clearXchange service allows you to make transfers by mobile number or email address.

In this case, it will reportedly take a slightly different approach than with Apple Pay. Banks connected to the P2P transfer system will not pay Apple for completed transactions. As for Apple, instead of direct financial benefits, it can get something more valuable from this partnership - to get its customers even more hooked on the iPhone.

Previously "Forum" писал about Apple's record profits. The past financial year was for the company the most successful in its history.

Extra bonus has become 1,7 billion dollars in profits from the sale of Apple Watch smart watches. And this is only six months of the presence of a smart watch on the market.