Apple Envisions P2P In Every Possible Way

With Apple’s P2P rollout and partnerships getting closer, it’s not surprising that Apple was granted a Patent for the approach last month. But what was not expected was how inclusive and extensive Cupertino envisions P2P being, with the capability integrated into almost every iPhone function.

“It’s clear that Apple is planning to provide an OS-wide payments integration that provides merchants with marketing benefits such as the ability to promote certain deals directly into the OS, such as geo-location based promotions into Maps, or via e-mails or instant messages, all with the ability to compete purchase/pre-order with one click based on Apple Pay enrollment and identity information stored on the device,” said Rick Oglesby, a senior analyst with payments consulting firm Double Diamond Group, Oglesby argues that this is the logical next move for Apple, as Apple Pay moves into its second-year year with growing market maturity and acceptance.

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Apple Wants Into P2P Payments, Talking With Chase, CapOne, Wells Fargo, U.S. Bancorp

In an attempt to control as much consumer payments as possible, Apple is in negotiations with J.P. Morgan Chase, Capital One, Wells Fargo and U.S. Bancorp to launch a bank-account-based P2P payments service, according to a Wednesday report in The Wall Street Journal. If successful, it’s value would be huge to Apple, but not on a per-transaction fee basis. The goldmine would be the data, the equivalent of knowing every check, money transfer and payment card transaction made by millions of its customers.

Beyond the privacy implications of a consumer goods company having so much consumer personal data—on top of whatever health data is being gathered through Apple’s Health app—there are also security concerns. The more avenues of access that exist into a bank account, the more chances there are for a glitch to withdraw more than expected or for the ultra-sensitive bank account routing numbers to leak where a cyberthief could see it.

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