Published June 5, 2017 2:24pm EDT | Updated June 5, 2017 5:04pm EDT

Apple Announces Peer-to-peer Payments With New Operating System

Apple Inc. announced peer-to-peer payments using Apple Pay Monday, putting it in competition with PayPal Inc.'s Venmo. Apple announced the update, along with its new iOS 11 operating system, at its developer conference. IOS users will be able to send payments through iMessage and also store the money received on Apple Pay Cash, a digital debit card. Shares of Apple were down 1% midday Monday.