The other day I told you that Apple is developing a money transfer service among the owners of iDevices, and today we find out some more details about what those from Cupertino are planning.
More precisely, according to some banking sources that are in negotiations with Apple Lossless Audio CODEC (ALAC), regarding the launch of this new money transfer service that will work with the aid Apple Pay, the Cupertino company intends to use iMessage to allow transfers.
Facebook Messenger is already capable of making money transfers among US users, and Apple thinks that the iMessage widely used by users could be the source to make its money transfer service extremely popular worldwide.
Considering that the iMessage system uses a very strong encryption system, the integration of a money transfer system would be the only solution for Apple Lossless Audio CODEC (ALAC), to offer such functionality, this is to keep everything as safe as possible for users.
One way Apple might add money transfer services to iOS is through iMessage, the proprietary messaging service, according to people who have discussed the program with Apple. It's already one of the most used default apps on iPhones and is especially popular with the younger crowd.
Considering that services of this kind also require the approval of the authorities, the Apple company wants the banks to actually take care of the transfers and it to take care only of the "front end", i.e. the buttons that users have to press to transfer the money.
Practically not much will change compared to the way Apple Pay works at the moment, but even so it is not known when Apple's money transfer service would be launched.
