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

11 November 2015  |  13420 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?

 

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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"?

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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.    

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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.
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