22 September 2017
Visit http://response.ncr.com

Apple talks to banks about P2P mobile payments service - WSJ; Cook predicts death of cash

11 November 2015  |  13580 views  |  4 Apple Pay

Apple is in talks with some of America's biggest banks about launching a Venmo-style mobile person-to-person payments service, according to the Wall Street Journal.

Citing sources, the Journal says that Apple has discussed the issue with JPMorgan Chase, Capital One, Wells Fargo and US Bank but that it is "unclear" whether agreements have been reached.

The service, which could launch next year, would see users able to send money from their bank checking accounts to recipients via Apple devices. Technical details are unknown but Apple could simply link up to the bank-owned clearXchange platform and integrate with its Apple Pay offering.

With young Americans increasingly turning away from cash and cheques, the P2P payments market is seen as a huge, fast-growing market. Venmo, the service acquired by PayPal when it bought Braintree in 2013, has established itself as the market leader, but other tech giants, including Google, Facebook and Square are all competing.

News of the initiative coincides with a forthright prediction of the imminent death of cash by Apple boss Tim Cook. Speaking to university students in Dublin, Cook told the audience that the next generation of children born in Britain "will not know what money is".
 

Comments: (4)

Bo Harald
Bo Harald - ZEF, Transmeri, Real Time Economy Program - Helsinki Region | 12 November, 2015, 15:12

Should PSD2 not be taken into account - big time?

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 13 November, 2015, 08:04

I've been hearing a lot of buzz about student debt being a big problem. But is it such a huge issue that the next generation "will not know what money is"?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
John Candido
John Candido - Black Cabs - Melbourne | 23 November, 2015, 14:23

Apple CEO Tim Cook is completely correct about the limited life-span of cash being a generational matter, i.e. the natural preferences of today's children becoming a new norm or culture of doing transactions projected into the future. It may or may not happen in one generation. However that does not mean that a subsequent generation after the current one will in fact be or embody the shift towards change; be the tipping point or the catalyst to a completely cashless and cheque-less world.    

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
John Candido
John Candido - Black Cabs - Melbourne | 13 July, 2017, 03:11 I truly hope that the move towards a cashless society will encourage lots of free flowing debate. Of particular concern to me are the use of credit cards. Credit cards have been a runaway success story for banks and other companies behind them. I hope that credit cards have a very proscribed future because of the distortion they create in people's minds about debt and their true net worth. Ordinary people get into debt very quickly using credit cards. Debit cards, electronic wallets using them as well as digital currencies should be promoted to the vast majority of people and families. Not credit cards. They should come last and with time governments around the world should consider making them illegal.
Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Apple Pay coming to Australia and Canada

Apple Pay coming to Australia and Canada

27 October 2015  |  8436 views  |  1 comments | 22 tweets | 11 linkedin
Apple Pay to get caffeine boost from Starbucks

Apple Pay to get caffeine boost from Starbucks

09 October 2015  |  7335 views  |  6 comments | 9 tweets | 4 linkedin
Google Wallet adds P2P payments

Google Wallet adds P2P payments

22 September 2015  |  13158 views  |  1 comments | 29 tweets | 31 linkedin
PayPal rolls out personalised URLs for P2P payments

PayPal rolls out personalised URLs for P2P payments

01 September 2015  |  9021 views  |  2 comments | 35 tweets | 22 linkedin
Apple files P2P payments patent

Apple files P2P payments patent

08 July 2015  |  10956 views  |  0 comments | 35 tweets | 28 linkedin
Facebook brings P2P payments to Messenger

Facebook brings P2P payments to Messenger

17 March 2015  |  24433 views  |  8 comments | 39 tweets | 47 linkedin
Snapchat partners Square on P2P payments

Snapchat partners Square on P2P payments

17 November 2014  |  8763 views  |  1 comments | 26 tweets | 8 linkedin
Apple Pay launches

Apple Pay launches

20 October 2014  |  11813 views  |  1 comments | 10 tweets | 14 linkedin

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.temenos.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12837 views comments | 27 tweets | 42 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9615 views comments | 6 tweets | 3 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8479 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8345 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
7743 views comments | 16 tweets | 1 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job