UPDATE: Apple (AAPL) Said in Talks to Develop Mobile P2P Payment Service (PYPL)

(Updated - November 11, 2015 3:30 PM EST)

Apple (NASDAQ: AAPL) is said in talks with banks on developing a mobile peer-to-peer payment service, according to Dow Jones headlines.

Apple's P2P payment platform could launch in 2016. The service is expected to rival PayPal's Venmo.

UPDATE - Sources believe the payment platform would be linked to Apple Pay. Users would be able to conduct payments through their checking accounts, according to the report.

Apple was said in talks with JPMorgan, Capital One, Wells Fargo, and U.S. Bancorp, among others, about the upcoming P2P payment service, though discussions are said to still be liquid.

Further details about the service remain unclear.

Shares of Apple are slightly negative Wednesday afternoon, while PayPal (Nasdaq: PYPL) shares are active amid headlines.

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