Apple P2P Payment Info Leaked

Late-last year, some details emerged revealing patents filed by Apple surrounding a potential peer-2-peer payment system.

Now that the details have been sorted through, it’s clear that Apple is indeed attempting to maneuver past traditional middle-man banking institutions and provide direct payment options to iOS users. The potential for P2P payment system on all iOS devices may have profound effects on the traditional banking and credit card services industry.

Most are aware of the potential for P2P payments through Apple’s iMessage app. But the new patents reveal that Apple is planning for a much larger and more robust P2P payment system available on iOS devices.

The patents suggest that iOS users will have the option to send funds directly to other users through a multitude of services, including phone calls, calendar events and emails. The patent also suggests that iOS users may have the option to send funds to multiple other users at the same time.

The details of Apple’s potential P2P payment system comes at an awkward time. Currently Apple is in discussion with major Wall St institutions, including JP Morgan Chase and Goldman Sachs, to finalize the details over the fee structure of its Apple Pay system.

These prolonged discussions contributed to the delay of Apple Pay’s launch in Australia, which allowed Android Pay to swoop in late-last year and beat Apple to the punch.