In July Patently Apple posted a patent report titled "Apple Working on new Apple Pay Wallet service for Person-to-Person Financial Transactions." The patent revealed a possible new method to allow two iPhone users with Touch ID to make a private sales transaction. This could be handy for small businesses and even those holding a neighborhood garage sale and beyond. Today we're learning that Apple is taking their patent-pending idea to several U.S. banks to create a Vermo-like platform which is one of the fastest-growing financial services now accounting for 19% of mobile person-to-person payments according to Aite Group LLC.
The Wall Street Journal report notes that Vermo is currently favored by young American adults who particularly like a feature in which they can list their payments on a social media feed—noting for friends when they shared a dinner check or for roommates when they paid a utility bill, for example.
Sending money is free through Venmo when pulled from a linked bank account, but there is a 3% fee on credit cards and some debit cards. Receiving money through the Venmo app is always free.
The new Apple Wallet person-to-person payment service may be ready for 2016, states the report. Whether it will launch with Apple's iPhone 7 is unknown at this time.