Peer-to-peer payments, an electronic money transfer system between two individuals that has grown with the rise of e-commerce, is finding a new platform with the upcoming Apple (AAPL  ) operating platform iOS 11. The new payment feature will appear inside Apple iMessage, allowing users to easily send money to each other with the click of a button. iOS 11, an operating system that is set to have new features for Apple devices, iOS 11's recent offering of a easy-to-use payment system for iPhone, Apple Watch and iPad users is garnering competitors that are already in the peer-to-peer transaction industry.  

Apple Inc., an American multinational technology business is currently based in Cupertino, California. Founded by the late Steve Jobs in 1976 and currently led by CEO Tim Cook, Apple has become a prominent company in the technology market, from computers to phones. Apple's initial product for the market, the Apple I personal computer, quickly gave a glimpse into Apple's success with its later 1998 launch of the iMac computer which sold 800,000 units in the first five months. Apple's success would not be exclusive to computers, however. With the 2001 introduction of the iPod portable audio player, Apple also opened its first retail stores in Virginia and California. The iPod, a product that became a household name, found success with over 100 million iPods sold between the span of six years. The iPod's success led to 2003's Apple iTunes Store success, with the very platform becoming the largest music retailer in the world. It is no surprise then, that Apple found its space in the consumer electronic industry, with the offering of mobile devices in 2007 with the announcement of the iPhone. In fact, Apple has sold over 1 billion iPhones to date.  

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Apple's peer-to-peer payment will be conducted through Apple Pay by iMessage. It has been announced that the balances from exchanges will be on a virtual card called Apple Pay Cash, located in the Wallet part of the operating system. Along with the new peer-to-peer transaction system, Wallet already contains a user's credit and debit cards, boarding passes, and other financial compartments. 

Admist the announcement of a new feature for paying individuals along iOS 11, Apple is clearly running into competitors such as the Paypal (PYPL  ) owned peer-to-peer transaction app, Venmo. Venmo, an app used for peer-to-peer paying, offers what Apple doesn't - a social media feed of payments that has proven to be very popular among its users. In addition, Paypal has boasted that Venmo is one of its most successful services, with Venmo processing 135% more payments in 2016 from 2015, with $17.6 billion in said payments. Unlike Venmo however, Apple will not be forced to make money from payments through taking cuts from transactions. The world known company already makes enough revenue alone, while Paypal has to charge merchants to accept payments. In addition, Apple doesn't have to establish a separate app for payments, because it will be located directly in the messaging app itself. 

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The company Paypal, however, doesn't seem to be too worried about Apple's recent peer-to-peer payment announcement. A company spokesperson stated that Paypal welcomes "any any development that helps people address the awkwardness of dealing with cash when paying friends or family back. The news that more financial institutions and companies will be introducing similar services will only bolster the central role of smartphones in our day-to-day lives."