Apple's Rumored Peer-to-Peer Mobile Payment Service to Use iMessage

[PhilSynowiec]

Last week, we got word Apple is looking to introduce a peer-to-peer mobile payment system. The new system would rival Paypal's Venmo and would presumably work through Apple Pay.

On Monday, BGR reports unconfirmed sources have told the blog the peer-to-peer system would be implemented into iMessage. Folks would be able to send money digitally to anyone via a simple text message, something already popular in China via WeChat app and Facebook's Messenger.

In addition, the blog's sources claim Apple is currently in talks with numerous banks to handle the payment side. Going through banks, instead of handling it on Apple's end, would eliminate the need for Apple to acquire necessary licenses.