Apple Launches P2P Payments, Competing with Zelle, Venmo

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Apple has launched its person-to-person payments service in the U.S.

The feature lets users send and receive money through iMessage.

Apple’s payments offering is now available in iOS 11.2 beta. Users will notice an Apple Pay button in their iMessage. Through iMessage, money will be transferred instantly to another user’s Apple Wallet, in the form of a virtual card called Apple Pay Cash Card, for which Apple has partnered with prepaid card company Green Dot.

The announcement comes hours after Facebook announced its P2P service in the U.K. through Facebook Messenger.

The Apple P2P service will directly compete with the well-known P2P app Venmo, as well as the Zelle service. The one caveat though is that Apple’s service can only be used between Apple phone users.

Read more at TechCrunch and Fortune.

 

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Tatjana Kulkarni is Deputy Editor at Bank Innovation. Before Bank Innovation, she was the marketing coordinator at conference producer Capital Roundtable. Prior to that she was a business reporter for nearly three years at The Deal. She has an M.A. in International Relations from New York University and a B.A. in Journalism from L.I.U. Post. In her spare time she travels as much as possible, making it a point to visit at least one new country per year.

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