Apple Inc. is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal Inc.’s popular Venmo platform, according to people familiar with the talks.

The talks are ongoing, and it is unclear if any of the banks have struck an agreement with Apple, these people said. Key details remain in flux, including technical aspects that would determine how the service would tie into the banking industry’s existing infrastructure, they said.

Read more, via: Nasdaq