uploads///Mobile payment transaction value

Will Apple Launch a Peer-to-Peer Mobile Payments Service?

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Nov. 17 2015, Published 9:53 a.m. ET

Apple’s person-to-person money transfer service

It seems Apple (AAPL) wants to make progress in the mobile payments market after the successful launch of Apple Pay last year. According to a report from the Wall Street Journal citing people familiar with the matter, the company could launch its person-to-person money transfer service by next year.

The report also mentions that Apple is in talks with US banks such as JPMorgan Chase (JPM), Wells Fargo (WFC), Capital One (COF), and U.S. Bancorp (USB) to integrate this service.

This is a clear attempt by Apple to leverage the fast-growing mobile payments market. According to a report from eMarketer, and as the chart above shows, mobile payment transactions in the United States have grown exponentially.

Transactions more than doubled from $1.6 billion in 2013 to $3.5 billion in 2014. The report expects that this market will continue to grow at a healthy rate.

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Growing reach of Apple Pay service

Apple has already made a lot of progress with its Apple Pay service. The service is now available at more than 1 million retail locations in the United States. The company also launched Apple Pay in the United Kingdom a few months ago.

Last month Apple also announced that it will bring this service to Canada and Australia. The company has also reportedly been talking with Chinese banks about implementing the Apple Pay service in China (FXI).

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