Users will be able to send and receive payments from one to another using their smartphones. The money will be subtracted directly from their bank accounts and can also be used to make Apple Pay purchases. The feature will be available through Apple Messages, the company’s messenger app, once the new update is released.
Peer-to-peer payments is a growing industry and Apple was expected to enter the market with a similar feature for its ewallet. According to CNBC, this initiative puts the company in direct competition with other digital wallets like Square Cash, PayPal and Venmo.
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