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.”