Shares in Apple rose 0.3% following reports the tech company will release a payment app allowing users to send each other money over their iPhones.
Apple is in discussions with banks to set up the system that would allow iPhone users to transfer money via text, the Wall Street Journal said.
Apple shares reached $116.81 (£76.45) on Thursday.
The application would put Apple in direct completion with businesses such as PayPal.
PayPal shares were down 2.5% on the news.
PayPal already has an app called Venmo that allows users in the US to send and request money from each other via their phones. It has become popular for splitting the costs of meals, taxis and gifts.
Apple launched Apple Pay in 2014 allowing users to make payments at certain stores via a tap of their iPhones. This latest step would allow users to transfer money, not just make payments. -BBC.
