Tech giant Apple has applied for a patent that would enable the transfer of money between iPhones, startup ClearScore is bringing free credit reports and credit scores to UK consumers, PayPal spends a boatload on Xoom, and more top stories from this week in FinTech.
Apple has applied for a patent for a method of transferring money from one iPhone to another. This news signals that the tech giant may indeed have big plans beyond just Apple Pay. Can you say Apple Bank? From 9to5Mac:
“Payments would be credited to a choice of ‘payment vehicles,’ read: bank accounts and cards that can accept transfers from third-parties. The patent of course notes that all data transmitted between both the iPhones and the payment processor would be encrypted.”
Later this month, UK consumers will have access to their credit report and credit score for free, thanks to ClearScore. The startup is looking to help consumers take more control of their financial well-being by giving them the option to see their credit information, free of charge, on a regular basis. Tech