CBSN

​Is Apple making its own version of Venmo?

Apple is reportedly in talks with banks to develop a way to send money directly from one iPhone to another.

According to sources speaking to the Wall Street Journal, the company has spoken with a number of financial institutions about creating a competitor to Venmo, a popular person-to-person payment system. The service would likely be woven into Apple Pay.

Other tech companies have also dived into person-to-person payments. Facebook launched mobile payments on its Messenger app in March, Snapchat added the ability to send money late last year, and Google Wallet and Square (which processes Snapchat payments) also offer the option.

The Journal mused that Apple's move into peer-to-peer payments is likely less about profit (the company wouldn't charge banks to participate, as it does with Apple Pay transactions, the report said), and more of a strategic move to keep and add customers in the growing mobile payment field.

  • Amanda Schupak

    Amanda Schupak is the science and technology editor at CBSNews.com