Apple is introducing peer-to-peer payments as part of a forthcoming update to its mobile operating system. Is the tech giant getting closer to offering full blown financial services.
The new feature will enable users to send money and get paid via messages, or tell Siri to pay someone, using the credit and debit cards they already have in the 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.
Full Bank Service
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 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.
