The next year may become a winning one for all the iPhone and iPad owners because of the Apple’s innovation. Currently the company is in a state of conducting negotiations with the leading U.S. banks about offering company’s users an opportunity to exchange payments directly via their mobile phones. U.S. Bancorp, J.P. Morgan Chase & Co., Wells Fargo & Co., and Capital One Financial Corp. are among the largest banks that Cupertino representatives have been talking to, according to information published by the WSJ, citing anonymous sources.
There is a high probability of Apple
's not inking the deal due to the fact that the existence of such a service is disadvantageous for any bank. Actually, none of these financial institutions will take part in the so-called person-to-person payments, in contrast to Apple Pay, requiring special payment terminals and commissions for every transaction.
The text of a patent the company published in July says that a smartphone user will be potentially able to identify another device placed close to it and transfer an encrypted payment.
Apple’s Mobile Payments
Now, it’s not clear whether these discussions will be fruitful as they are only in preliminary stages. Furthermore, we don’t have any officially confirmed details about the technical side of person-to-person mobile payment fulfillment. Besides, it’ll be interesting to know a future status of the option – a standalone service or an integrated feature within the popular app - most likely iMessage
In any case, if everything goes right such personal payments won’t be available to the masses until the following year, but the implementation of the person-to-person mobile payment service may become the real commencement of the cash era end.