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Apple Pay could introduce its peer-to-peer payment system this year

By Bryan Chan & Cookie Monster - on 1 May 2017, 7:09am

Apple Pay could introduce its peer-to-peer payment system this year

Image source: Apple

With a substantial base of Apple Pay users, the time might be right for Apple to expand the mobile payment service beyond stores, apps and the Internet.

Several sources told Recode that Apple has recently discussed with payment industry partners to launch the peer-to-peer payment service. The peer-to-peer payment service would allow an iPhone user to send money digitally to another iPhone user. Apple could also be working with Visa on a prepaid card that runs on the latter's debit network and integrates with the upcoming peer-to-peer payment service, which is expected to launch later this year. 

The Wall Street Journal reported in November 2015 that Apple was in talks with several U.S. banks to launch a person-to-person mobile payment service in 2016. However, that did not happen. The peer-to-peer payment service is expected to boost usage of Apple Pay among iPhone users. 

Source: Recode via TechCrunch