According to The Wall Street Journal, Apple is in talks with major US banks to build a person-to-person mobile payments service for launch possibly in 2016. The service would be a direct competitor to Venmo, along with Google's revamped Google Wallet service. The move would be the next logical in Apple guiding mobile payments through its own services. Recode is also reporting the discussions.
Details about the deal are still being worked out as the talks are reportedly still ongoing. However, the service being discussed would be linked to Apple Pay. The banks involved include JP Morgan Chase, Wells Fargo, US Bancorp, and Capital One Financial Corp.
Apple may be entering an increasingly crowded payments space
If Apple's new mobile payments services gets off the ground in the coming year, it will enter an increasingly crowded space shared with the likes of Google, Paypal, and Square. Venmo remains one of the most popular person-to-person payments apps on mobile devices. Square Cash updated its own offering earlier this year to allow users to pay businesses through the app. And Google recently updated its floundering Google Wallet service to take on its payments competition. However, Apple is certainly well-positioned to attract new users, considering the outsized popularity of the iPhone. We'll find out more in the coming months.