Consumer Reports compared five different platforms in the publication's first evaluation of mobile person-to-person payment systems, with Apple Pay Cash emerging the victor over segment rivals including Venmo and Square.
Apple is said to be working on its own peer-to-peer money transfer service, potentially under the secure Apple Pay umbrella, allowing users to quickly and securely send money to one another, much like Venmo and Square Cash.
If Apple does indeed get into rumored person-to-person money transfers via Apple Pay, the company stands to lose money on each transaction in the short term, accepting the losses as a way to further drive adoption of its mobile payment service, analysts believe.
While smartphone-based person-to-person payment services are convenient, they aren't necessarily a secure or guaranteed way to receive money. If you're doing business with an unknown person, such as selling an item on Craigslist, you should just stick to cash. Here's why.