The service would be tied to Apple Pay, allowing users to send payments from their accounts directly to an intended recipient using their Apple device.
According to the source, the service could launch as early as 2016 and would compete with PayPal’s peer-to-peer payments app Venmo, and Square’s Square Cash.
Apple started Apple Pay in October 2014. In summer 2015 it combined payments with Passbook, an app that stored digital tickets and airline boarding passes.
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