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PayPal Slides on Report Apple, Banks Will Roll Out Rival

Apple is in talks with U.S. banks to develop a person-to-person payment service, similar to Paypal's Venmo, according to the Wall Street Journal.

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Shares of Internet payment company PayPal slid Wednesday afternoon, closing down 1.8 percent after a report that Apple will roll out a mobile person-to-person payment system.

Apple is in talks with U.S. banks to develop a service, similar to Paypal’s Venmo, that would allow consumers to “zap” payments from their checking accounts to recipients through their Apple devices, the Wall Street Journal reported.

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This article originally appeared on Recode.net.

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