Apple has made a sizeable dent in the payments market with Apple Pay, even if the lack of ubiquity in the US and the delay in getting the technology into more advanced markets has constrained take up.
Now Apple is rumoured to be looking at person to person transactions, which seems an entirely reasonable next step. This news should have PayPal quaking in its corporate boots.
We know how good Apple is at making this sort of thing frictionless, and as it already has account details for hundreds of millions (billions?) of users in its various payments solutions, making paying someone directly a zero effort option for existing users.
It isn't just PayPal that should be worried. The banking sector should be looking over its shoulder and wondering how its going to deal with this three-hundred pound gorilla bearing down on it.
That's because it's only a very small step from transferring money between user's bank accounts using Apple Pay, to transferring and holding money in user's Apple accounts instead.
And if you doubt Apple's interest in financial services consider this: the recent iPhone subscription purchase program is effectively a step into loans on a massive scale. Not to mention Apple Care is straightforward insurance business.
Customers already trust Apple to hold and secure their finances by proxy when they hand over their credit card details to the iTunes Store or Apple Pay. Why wouldn't they hand over the management of those services too?
I'd imagine that Apple's financial benefit from cutting out credit card provider transaction fees would make this a must-do all on its own. And if there's one industry sector which can reduce Apple's reliance on the iPhone for its revenue financial services is probably it.