20 September 2017
Find out more

Apple moves into P2P payments space

06 June 2017  |  16782 views  |  1 Apple iPhone

Apple is to challenge Venmo and bank-backed network Zelle by introducing peer-to-peer payments as part of a forthcoming update to its mobile operating system.

The new feature enables users to send money and get paid right in Messages, or tell Siri to pay someone, using the credit and debit cards they already have in Wallet.

When users get paid, they receive the money in a new Apple Pay Cash account. They can use the digital cash instantly to send to someone, make purchases using Apple Pay in stores, apps and on the web, or transfer it from Apple Pay Cash to their bank account.

Apple is partnering with prepaid payment card company Green Dot on the virtual Apple Pay Cash card, viewed by some as a stepping stone to the creation of a full bank-like payment service.

The popularity of mobile P2P payments among young American consumers was emphasised in a recent Bank of America survey, with more than a third of millennials using services such as Zelle and Venmo to pay each other back.

However, unlike Zelle and Venmo, Apple's service will only work across its own devices.

Comments: (1)

Ronald Somerville
Ronald Somerville - 5pm.co.uk - Glasgow | 06 June, 2017, 09:54

Hmmm...."the virtual Apple Pay Cash card, viewed by some as a stepping stone to the creation of a full bank-like payment service".  

I have been saying for some time that "sorting payments" is  something that Apple should do. Think of all those iPad pos's...

 https://www.linkedin.com/pulse/apple-payments-jigsaw-ronnie-somerville

That would be "like a glass of iced water to a person  in hell" - to merchants.

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

P2P payments become social norm

P2P payments become social norm

12 May 2017  |  13607 views  |  0 comments | 40 tweets | 29 linkedin
Zelle P2P network zooms past Venmo

Zelle P2P network zooms past Venmo

18 April 2017  |  6833 views  |  3 comments | 9 tweets | 13 linkedin
WhatsApp makes P2P payments play in India

WhatsApp makes P2P payments play in India

04 April 2017  |  9028 views  |  0 comments | 15 tweets | 22 linkedin
Google brings P2P payments to Gmail Android app

Google brings P2P payments to Gmail Android app

15 March 2017  |  12523 views  |  0 comments | 28 tweets | 42 linkedin
PayPal invests in South Korean P2P payments app Toss

PayPal invests in South Korean P2P payments app Toss

09 March 2017  |  5963 views  |  0 comments | 7 tweets | 7 linkedin
Bank of America first to launch Zelle P2P payments

Bank of America first to launch Zelle P2P payments

23 February 2017  |  12378 views  |  0 comments | 12 tweets | 13 linkedin
DNB spins off Vipps mobile payment service

DNB spins off Vipps mobile payment service

13 February 2017  |  8072 views  |  0 comments | 7 tweets | 10 linkedin
İşbank initiates P2P money transfers via iMessage

İşbank initiates P2P money transfers via iMessage

10 February 2017  |  5139 views  |  0 comments | 11 tweets | 7 linkedin
PayPal builds Slack P2P payments bot

PayPal builds Slack P2P payments bot

07 February 2017  |  10203 views  |  0 comments | 24 tweets | 15 linkedin
BMO Harris Bank adds P2P payments to mobile app

BMO Harris Bank adds P2P payments to mobile app

25 January 2017  |  4689 views  |  0 comments | 2 tweets | 3 linkedin
HSBC to stir up local rivalry with launch of P2P payments app in Hong Kong

HSBC to stir up local rivalry with launch of P2P payments app in Hong Kong

12 January 2017  |  8427 views  |  1 comments | 7 tweets | 7 linkedin
OCBC increases transfer limit on mobile Pay Anyone service to $1000

OCBC increases transfer limit on mobile Pay Anyone service to $1000

05 September 2016  |  5348 views  |  0 comments | 3 tweets | 4 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.eudownload the paper nowvisit www.sibos.com

Who is commenting?

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
10493 views comments | 23 tweets | 39 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10302 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9142 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7619 views comments | 5 tweets | 4 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7479 views comments | 14 tweets | 15 linkedin

Featured job

Find your next job