PayPal (PYPL) Stock Closes Lower on New Apple Payments Service Speculation
NEW YORK (TheStreet) -- PayPal Holdings (PYPL) - Get Report stock closed down 1.81% to $36.33 on Wednesday afternoon following reports that Apple (AAPL) is in talks with banks to develop a payment system that would directly compete with PayPal's Venmo, according to the Wall Street Journal.
The payment system would allow users to send money to other users through their checking accounts, sources told the Journal.
Apple Pay would likely be the app for this service, which could launch as soon as next year.
Apple is in talks with several banks, including JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and Capital One Financial Corp. (COF), the Journal reports.
PayPal's Venmo is currently a popular app for person-to-person payments and similar services are offered by Google (GOOGL), Square and Facebook (FB).
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