Apple plans next year to introduce its own app that will allow you to instantly transfer funds and make purchases using smartphones without using cash or Bank card, reports The Wall Street Journal. In that case, if the company will introduce a similar service, he will become a strong competitor to already existing apps of this kind.
According to the publication, Apple is negotiating with financial companies, looking for those with whom she could join the partnership in creating an application. Consultations are held in particular with JP Morgan Chase, Capital One Financial, Wells Fargo and U. S Bancorp.
Details regarding the technical specifications of the new system have not been disclosed. As stated in the article, the service should allow users to instantly make purchases or transfer funds using devices made by Apple, and without the use of cash and Bank cards. The application is likely to be associated with the payment system, called Apple Pay.
In the case that the Corporation will introduce a new service, it can be a strong competitor to existing apps of this kind, including Venmo, which is owned by PayPal.
“It is still unclear how Apple will be able to earn with the help of this service, however, it is another attempt by the company to bind itself to customers, persuading them to use the iPhone for everyday tasks, including financial transactions”, – notes the edition.