Apple is reportedly making its own peer to peer mobile-payment service to beat out Venmo. According to Recode, Apple has been talking with its partners to revamp its Apple Pay system to secure its lead in mobile payments. Using mobile devices to transfer money between peers is so popular now, even companies like PayPal and Facebook are using it. Venmo is currently on top of the trend, making $6.8 billion in transactions in the last three months. Recode reported that Apple will announce the new Apple Pay system later this year.
