According to the recent reports, Apple is working on creating peer to peer payment service. Peer to peer service will let iPhone users transfer money to another person without much effort.
Apple Pay, mobile payment service of Apple, was launched in 2014. Later the team added an option to combine payments with passbook. With peer to peer transfer, Apple is all set to compete with PayPal's payment app Venmo.
According to a research put forward by PYMNTS.com, less than 7 percent of iPhone users make use of Apple Pay platform. With the help of peer to peer service, Apple is targeting to reach out to large number of iPhone customers.
The concept of peer to peer payment method has been gaining consumer attention recently as users of Facebook Messenger were offered payment service, and earlier, WeChat app also provided its users with an option for easy money transfer to friends. Also, many popular banks have been trying to let their app users with person to person fund transfer.
According to report, Venmo, money transfer app that is owned and operated by PayPal, has successfully processed more than $2.4 billion in the year 2014 alone. With popular companies like Facebook and Apple bringing out peer to peer service, it will ultimately result in gaining huge customer attention and loyalty towards their product.
Ms.Webster, Chief executive of Market Platform Dynamics, stated that "the concept of incorporating payment services with a group of friends make this process of using mobile phone to transfer funds seems so natural."