Last year Apple put itself into the finance sector with Apple Pay, the company’s mobile payment system that has been well received by consumers. However, according to the Wall Street Journal, Cupertino has wider aspirations and is going to launch a rival to PayPal during 2016.

The outlet says that Apple is meeting with financial heavyweights JP Morgan Chase, Wells Fargo, Capital One Financial and U.S. Bancorp with a view to starting a PayPal rival. Of course, Apple would be getting into this market late and eBay owned PayPal already dominates the space, with other rivals like Google also in place.

Whether Apple can make a major impact remains to be seen, but the company is adept at entering spaces and revamping them, so if any company can then Apple can.

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