As soon as 2016, Apple is reported to be coming out with person-to-person mobile payments. With this, there is no question that Apple is looking to be the powerhouse and leader of mobile payment technology.
The system would be just like PayPal's Venmo, except with the convenience of being a part of your Apple device. According to the Wall Street Journal, the company has been in contact with a plethora of banks regarding the possibility of this new feature.
Apple is definitely looking to get ahead when it comes to getting away from using paper cash and it is very clear that Apple is looking for Apple Pay to be the “go to” option for mobile payments. Adding this new person-to-person feature is a smart move in growing its functionality. Apple's CEO Tim Cook spoke to a group of students in Ireland earlier this week, saying: “Your kids will not know what money is”.
(Source: Mashable)
