Apple, Inc. (NASDAQ: AAPL) has announced the release of Peer to Peer software in order to combat the rise of Paypal as well as Venmo. This new software, launched with iOS 11, will allow users to send fellow iOS 11 users payments through iMessage, helping eliminate the need for third-party applications, like the ones mentioned before. This technology from Apple is already in use for Apple Pay, so a further rollout should not be too much trouble for the tech giant. The software is already the number one contactless payment software for mobile according to senior vice president of software engineering Craig Federighi.
This is a further step in trying to integrate usability into the platform in order to entice users to switch from third party apps as well as from Android.
Apple is partnering with prepaid payment card company Green Dot on the Apple Pay Cash card.
“Apple announced that it will bring its users the ability to make and receive person to person payments quickly, easily and securely with Apple Pay this fall,” a Green Dot spokesperson told Recode in a written statement. “When users get paid, they can use the money instantly to send to someone or make purchases using Apple Pay in stores, apps, and on the web, or transfer to their bank account. Green Dot Corporation and Green Dot Bank are working with Apple as the program manager and regulated bank partner to help facilitate these new capabilities. Green Dot expects an immaterial impact to its previously provided financial guidance for 2017.”