Apple Pay was launched last year that lets iPhone users transfer money, which is indeed an evident factor that not many users make use of this privilege. To grow their share in the market, Apple is trying to bring in yet another benefit through Apple Pay.
Team Apple is now in talks with various banks to develop a new method of payment system. If rumors are to be believed, with this new payment method iPhone users stand a chance to transfer money to another iPhone user at ease.
This is indeed a beneficial concept that stands the chance to even bypass Visa and Mastercard as Apple gets an opportunity to work directly with banks, instead of relying on third party financial institution.
Apple has grown to be one of the most beloved and reliable company that has helped shape consumer habits. Plunging into the market with a brand new payment system is going to be another feather.
The team has discussed this concept to largest banks and there is no information if credit card companies will be involved in this venture or not. However, none of the representatives from Apple, Visa or MasterCard were ready to comment regarding the involvement of these credit card companies in this venture.
Also, there remains the big question of how Apple Pay would bring this service usable to clients. One method that Apple might employ is to partner with clearXchange that is owned and run by a group of the biggest banks in the industry. It needs to be seen if Apple will be able to gain success in this venture too.