Apple is reportedly discussing the possibility of developing a person-to-person payment system, meaning people could directly transfer money between devices, Digital Spy said.
The Wall Street Journal is reporting that the company is in talks with U.S. banks including J.P. Morgan Chase & Co., Capital One Financial Corp., Wells Fargo & Co. and U.S. Bancorp.
It would also put them in competition with PayPal's mobile payment service Venmo.
The service would allow device users to transfer payments from their accounts through Apple devices.
It will likely employ Apple Pay, which launched last year in the U.S. and this year in the UK.
Apple Pay stores a secure, digital recreation of your bank card on an iPhone, which allows you to make in-store transactions through tapping a handset terminal.
