Apple Introduces New Person-to-Person Payments

Introducing the New Apple Person-to-Person Payments

Apple (NASDAQ:AAPL) just announced a series of new mobile feature to go with the new iOS 11 release. One of the features that’s likely to be of interest to small businesses is a person-to-person payments platform.

Apple Person-to-Person Payments

With Apple person-to-person payments, you can send money directly to your contacts via iMessage. And when you receive money, you can have it go directly onto an Apple Pay cash card. Here’s information on the person-to-person payments — and more:

This isn’t the first feature of its kind. Third party apps like Venmo already provide a service that’s essentially the same thing. But since Apple is such a popular mobile operating system, and this feature will automatically come with Apple devices, it could make it easier for businesses that do business on a one-to-one level.

For instance, if you’re a consultant who works with clients one-on-one or a baker who creates custom cakes for weddings or similar events, you could have people send money to you in your existing text conversation. There are, of course, other options for making such payments. But Apple’s new person-to-person payments could make it even easier for small businesses to get paid.

Two caveats could make the new system unworkable for certain businesses, however. You’ll need an iPhone to use the feature. And your clients will also need iPhones in order to send you payments.

Fortunately, since Apple devices are already fairly popular, Apple’s person-to-person payments don’t face much trouble in that regard. The new service could, therefore, provide a viable option for businesses in the right niche.

Image: Apple