Apple AAPL +2.72% has quietly filed for a new patent which details a person-to-person money transmission method which could potentially grab market share from PayPal and Square, and hit the already beleaguered banking sector struggling to keep up with FinTech. Apple is already banking on consumers using the wallet in Apple Pay as their central source for general payments, and having recently announced at WWDC that Apple Pay will soon be available in the UK (Apple Pay is reportedly coming to the UK on July 14th) that’s a huge additional market to tap into, especially to lure British consumers away from using contactless cards which dominate the UK banking sector. But the killer feature missing has been a method to transfer payments between people, and now Apple plans to remedy this with Apple Pay and the wallet.

http://www.forbes.com/sites/theopriestley/2015/07/04/bank-of-apple-moves-closer-with-new-patent-to-kill-paypal-square/?utm_content=bufferb5d3a&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer