Apple Launches Venmo Competitor, Integrates iMessage Payments with Apple Pay

Apple’s rumored move into the P2P space was confirmed by the company Monday at its annual worldwide developer conference in San Jose, Calif. During an unveiling of Apple’s newest operating system—iOS 11—perhaps the most significant news was the announcement that the company has integrated Apple Pay with iMessage. P2P payments from pioneers like PayPal and Square along with services offered through retail banks have been increasingly adopted by millennials as a quick way to pay one another.

“You can send and receive money right in your transcript,” said Craig Federighi, Apple’s senior vice president of software engineering, during the event. “And, of course, when you send it, you can authenticate securely with TouchID.”

Since Monday’s announcement, experts have talked about the new challenge to PayPal’s Venmo as the leader in the P2P space, but others are waiting to see if personal payments will be a catalyst for Apple Pay itself. Federighi said Apple Pay will be available at more than 50 percent of U.S. retailers by the end of the year.