Is Apple Working On Mobile Person to Person Payment Service ?

The Wall Street Journal reports that Apple is in talks with U.S. banks over a person to person mobile payments service. The service would be positioned as an expansion to Apple Pay, and it would allow people to send each other money, much like Square's Square Cash service. Apple is said to be speaking to Chase, Capital One, Wells Fargo, and U.S. Bank, but key details and the technical details still need to be worked out. A launch date for the service is unknown at this time, but Apple is rumored to be targeting to release this in 2016. As the world becomes more digital something like this just makes sense to me. How Apple executes will either make or break this. What do you think ?