Shares of Internet payment company PayPal slid Wednesday afternoon, closing down 1.8 percent after a report that Apple will roll out a mobile person-to-person payment system.
PayPal Slides on Report Apple, Banks Will Roll Out Rival
Apple is in talks with U.S. banks to develop a person-to-person payment service, similar to Paypal’s Venmo, according to the Wall Street Journal.
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Apple is in talks with U.S. banks to develop a service, similar to Paypal’s Venmo, that would allow consumers to “zap” payments from their checking accounts to recipients through their Apple devices, the Wall Street Journal reported.
This article originally appeared on Recode.net.
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