Apple mulling ‘M-Pesa’ service: report

Apple is talking with US banks about the potential to create a service that would let people use iPhones for person-to-person payments, The Wall Street Journal reported on Wednesday.

An Apple mobile service that lets people send one another money would compete with offers from PayPal, Google, Facebook and startup Square.

The talks are ongoing and it was unclear whether deals had been inked with any banks, the WSJ reported, citing unidentified people said to be familiar with the matter.

The proposed service would let people use Apple mobile devices to quickly transfer money from bank checking accounts to intended recipients, according to the WSJ.

It would probably be tied to the Apple Pay digital wallet that lets people use iPhones to make credit or debit card purchases, the report indicated.

Apple did not respond to an AFP request for comment.

SOURCE:CAPITALFM