Krishna

Apple has revealed plans to launch its own P2P money-transfer service with the roll-out of the latest version of its mobile operating system iOS 11 later this year.

The new feature will appear automatically within the company’s instant messaging service iMessage and will allow users of iPhone and iPad to transfer funds digitally to each other via a text.

Apple will route the money through an Apple Pay Cash Card, which will let customers to transfer money into a bank account or make purchases online or in physical stores using Apple Pay.

Through this new service, the company will challenge PayPal-owned Venmo, Square Cash and Facebook – which is testing payments within its messenger service and is also bringing it to WhatsApp.