I am really curious how Apple will do it. Not the money exchange process in particular, but I would like to know if every transaction will be passed over a bank or not. Or in other words if the money exchanged will electronically pass from one bank account to another through a ‘facilitaded money transfer’, or if it will really be a wallet to wallet process like bitcoin. Given the article mentions P2P is very often used in Africa by ‘unbanked’ people, the latter is likely the case. This obviously raises the same security questions bitcoin has, but the interconnectiveness with other Apple devices can likely provide some guidance.

I just wonder what governments think about this. Since about 10 years, most western countries initiated a cash hunt under the pretext of fighting criminal money and terrorism. A somewhat doubtful reason given the oil deals that IS made with many countries for the past two years, raising them billions of blood-dollars. It has proven that projects like FACTA and similar setups in Europe are merely in place from purpose of tax-control than really fighting crime and terrorism. Governments already check every payment you make, since you can no longer send large amounts of money without providing evidence or reason.

I see P2P transactions potentially as a thorn in the eye of these governments, as it opens the door to easy money exchange without control. Criminal money exchanges will all pass over this system. Makes me wonder what governments are going to do to try and get some control over this.

Sources :

http://www.computerworld.com/article/3005212/mobile-payments/apples-p2p-mobile-payment-service-would-create-a-shockwave-in-the-industry.html