P2P may replace paper checks in 15 years and even banking networks

If Apple creates a mobile person-to-person payment service, it could rock the banking and payments world as never before, some analysts believe.

There are already several person-to-person (also called peer-to-peer, or P2P) mobile payment services offered. They include PayPal’s Venmo, as well as services from Facebook, Google, Square and others. The Wall Street Journal, citing unnamed sources, reported Wednesday that Apple was in talks with major banks to develop such a payment service, possibly as an extension of Apple Pay.

“Should Apple enter the P2P payments sector, this will create a shockwave across the competitive landscape,” said Jordan McKee, an analyst at 451 Research. “While Apple drives attention and adoption toward specific sectors that it enters, it’s equally well known for disintermediation.”

Apple removes malware-infected iOS apps from store


Apple has brought down a large number of apps from its store after it was found that around 40 iOS apps had been infected by a modified version of the company’s software for developers.

Christine Monaghan, an Apple spokeswoman, told news outlets that the company removed apps from the App Store that it knows have been created with the counterfeit software, to protect its customers.

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