Business Insider: Apple is in talks with banks in the US about creating its own mobile-to-mobile payments service that sounds a lot like PayPal's Venmo app, according to The Wall Street Journal's Robin Sidel.PayPal stock was down 1.5% in wake of the news.The app would reportedly let people send payments to each other directly from their phones, and automatically take it out of their checking accounts on the back end.While Apple already has its own payments system thanks to Apple Pay, the service so far has been mobile-to-merchant, and the mobile-to-mobile space has largely been dominated by PayPal's Venmo app, which allows for quick and easy mobile-to-mobile payments.
Tim is still a bit clueless and does not understand the pure cash system. Tim still wants banker clearing houses, but those are being incorporated into the SmartCard. His Apple Wallet is doomed as is Google Pay.
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