Apple is in discussions with US banks about developing a service that enables users to send money to one another via their smartphones, according to The Wall Street Journal.

Such an offering would represent a natural evolution from the existing Apple Pay offering that enables users to make payments at the point-of-sale.

However, such a move would put Apple in competition with some heavyweight rivals in the US including Square Cash, PayPal’s Venmo app as well as Google and Facebook.

Talks between Apple and the banks are ongoing and it’s unclear if any agreements have been struck. The service under discussion would involve customers sending cash from their current accounts to recipients via their smartphones.

Among the banks concerned are JP Morgan Chase, Captial One, Wells Fargo and US Bancorp.

No launch is imminent, although one source said the service could become available in 2016.