Soon You Can Send Money to People Directly in iMessage

In addition to the money transfer feature, Apple also introduced Apple Pay cash, their digital debit card.

But once Apple's iOS 11 update lands this Autumn it'll tick off most of the things you might expect a bank to do, easily matching the feature set of Monzo's beta. Business Chat will be fully integrated with Apple Pay, Calendar and iMessage. Google Wallet enabled peer-to-peer money transfers in 2015 while competing apps like Samsung Pay are still working to make person-to-person payment options widely available. Developers can integrate Apple's exclusive business functions like Apple Pay and Apple Calendar along with iMessage apps.

The service will be available for iPhone, iPad, and the second generation Apple Watch.

PayPal's (NASDAQ: PYPL) Venmo subsidiary - eBay acquired Venmo's parent company Braintree back in 2013, which was included as a part of the PayPal spin-off - has become the dominant P2P payment service, particularly among younger demographics.

Apple Pay Cash card.

iOS device owners will be able to use Apple Pay to exchange money with other iOS device owners through the iMessage app. Apple's launch of more directly competitive features could reduce the consumer opportunity for Square, but the firm believes the expectations on Square Cash were already quite low as the focus for Square primarily is on merchants.

Apple might not look like a bank today, tomorrow or next year - but get ready, because your iPhone is going to quietly start managing more of your money than ever before. Green Dot Corporation and Green Dot Bank are working with Apple as the program manager and regulated bank partner to help facilitate these new capabilities. If a friend mentions needing an amount of money, the Messages app can suggest sending those funds via Apple Pay from within the chat.

  • Carolyn Briggs