iMessage could power Apple’s peer-to-peer payments system

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Apple raked in the cash last quarter.
iMessage will soon let you send money to your buddies.
Photo: Jim Merithew/Cult of Mac

Apple is considering using iMessage to make it easy for iOS to transfer users money to one another, according to a new report.

Given iMessage’s high level of encryption and existing popularity among users (particularly millennials), it makes perfect sense that Apple would use the software — rather than developing a completely new app — to further its mobile payment ambitions.

It was reported earlier this week that Apple is currently in talks with major U.S. banks to create a digital payment system to allow people to send money to each other from their iPhones, similar to services already offered by PayPal and Venmo.

Set to launch in 2016, Apple is said to be in conversations with JPMorgan Chase, U.S. Bancorp, Wells Fargo, and Citi. Cupertino may even run its money-sending service at a loss, without charging fees, since this will help grow Apple Pay as a platform — while giving customers another reason to pick iOS as their platform of choice.

With Tim Cook already claiming that the next generation of kids, “will not know what money is,” it seems Apple is staying bullish with its plans to take over the mobile payments space!

Source: Quartz