Apple Inc., in a bid of expanding their payment service is said to be in talks with several banks in the United States. The talks are said to center on developing a person to person (P2P) mobile service payment. According to reports on the Wall Street Journal, Apple would like to cover a mobile payment service that will allow users to be able to directly pay each other through the use of their phones.

The said service would probably be linked with the company's existing payment service, the Apple Pay system. Apple Pay is a system where it enables users to use their debit card and credit card on certain transactions using their smartphones.

They are hoping that this service they are developing will be launched the soonest by next year. JPMorgan Chase & Co., Capital One Financial Corp, wells Fargo & Co and U.S. Bancorp are just a few of the banks included in the said talks. It is yet to be concluded whether these banks have already entered an agreement with Apple as the talks are still currently ongoing.

If the service does push through, it would likely compete with other companies that already have similar services. One of Apple's top competitors in this type of service would be PayPal through their P2P payment service called Venmo. Other companies who also have been on this type of mobile payment service are Google, Facebook, Snapchat and a payment processing company named Square.

Additionally, there are also several banks that have already employed this kind of service. These banks are the Bank of America, Capital One, Chase, FirstBank, U.S. Bank and Wells Fargo. These banks use a P2P system called clearXchange, while Venmo and the others rely on ACH or Automated Clearing House in making electronic transfers.

With these in mind, it is too early to say whether these talks prove to be another success for Apple. They have to compete with some services that are already established. But the popularity they seem to enjoy especially with their iPhones might be pivotal in the success of this planned P2P service. The public just needs to wait for its launch before it can be judged.

As of now there are still no comments coming from Apple Inc. confirming or denying the said talks.