Peer-to-peer payments allow users to send money to family and friends using smartphones.
Even before Venmo came on the scene, Forrester Research estimated person-to-person payments would reach $17 billion by 2019. Users can link their bank accounts, debit cards, or credit cards to their Venmo account.
A recent Aite Group report investigates the current P-to-P competitive landscape, which is best described as a fragmented ecosystem of bank-based initiatives such as Zelle and Popmoney, as well as myriad alternative vendors such as Circle, PayPal, Venmo, Square, Google Wallet and Facebook.
Of course, it remains to be seen if the new feature kills other apps like Venmo, PayPal, and Square Cash, but all said, you'll have one more option when you're attempting to sort out a restaurant bill after brunch with six people.
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Apple also has the advantage of a more ubiquitous smart-payment presence than the competition.
Federighi said on Monday that Apple Pay is the top contactless payment service on mobile devices nationwide, and by the end of year, Apple Pay will be available at 50% of retailers within the United States. Through Apple Pay, a user can pull out any of the cards they preloaded onto their phone, allowing transactions to be easier than having to carry all of your credit cards around.
Meanwhile, shares of Apple Inc.