In 2014 Apple Lossless Audio CODEC (ALAC), launched its first mobile payment system called Apple Pay, allowing iPhone owners to make payments wherever they want using only their own mobile terminals.
The system was extended to Apple Watch, but for Apple it is not enough, so next year the company intends to launch a system of money transfer based on Apple Pay, various competitors already having similar services available for their own users around the globe.
Apple has been in negotiations with American banks for some time to launch this version of Apple Pay, and if enough agreements are concluded, then the new money transfer service could be launched by those from Cupertino, most likely, together with iOS 10.
If, in the case of the current Apple Pay, banks pay Apple a percentage of the transacted amounts, the money transfer system would be offered by Apple without any additional fee, so banks should have more reasons to offer it.
The service under consideration would allow consumers to zap payments from their checking accounts to recipients through their Apple devices. The service would likely be linked to the company's Apple Pay system, which allows customers to make credit-card and debit-card payments with their mobile phones.
Although for now there are no details on how the money transfer system will work through Apple Pay, it seems that Apple IDs will be the basis of the entire procedure, transfers being made between the cards attached to use the Apple Pay system.
Practically the entire procedure can be extremely simple and users could transfer money between accounts in just a few seconds, but of course the new system will initially be offered exclusively in the US and most likely only on terminals that are compatible with Apple Pay, so they have Integrated NFC.
