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Apple Announces Its New P2P Feature for Apple Pay And iMessage

During its World Developers Conference, Apple Inc. announced that its new iOS 11 will allow users to send money to friends and family through its iMessage.

Sending Money through iMessage

As the technology giant says, the P2P payments feature will be built into iMessage as an app that gives users the ability to send and request money from contacts with one tap. Moreover, it’ll also automatically send users an alert when a contact tells them via in iMessage that they owe the contact money, prompting users to send the payments.

Credit and debit cards will be used to fund money transfers, but the new feature, a virtual prepaid card called the Apple Pay cash card, will also be responsible for money transfers.

Users of iMessage can now make peer-to-peer payments via third-party apps, such as Venmo and Square. So, thanks to this feature, Apple will do this on its own. Integrating the peer-to-peer payments into Apple Pay Service suggests Apple’s own app will overtake third-party ones.

Users won’t be able to enjoy the P2P service until the fall when the company is going to launch iOS 11, its latest mobile operating system.

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What to Expect

Cash received would be kept on the card rather than in a checking account backing a debit card. According to Rick Oglesby, principal at AZ Payments Group, a consultancy, it’s supposed that money would only be usable within Apple Pay’s network of merchants and users. However, Apple will also take advantage of consumers who would decide to register debit cards, because the number of debit cards enrolled in Apple Pay will be increased.

Thanks to this new service, Apple will be able to claim a piece of a U.S. P2P market. In total, the mobile and online P2P market is estimated at about $600 billion in annual volume, according to Aite Group, a Boston-based research firm.

Craig Federighi, senior vice president for software engineering at Apple, notes this is one final frontier they wanted to conquer.

Apple will consider this new deal a success if the new service will enable them to persuade more consumers to use Apple Pay for everyday purchases, as well as help them sell a few more iPhones.