Apple is determined to make a huge mark in the mobile payment market with its upcoming service, so now the Cupertino-based tech giant is setting its sights on taking down PayPal’s Venmo app by creating its own mobile-to-mobile payment mode.

According to Business Insider, Apple is currently in talks with U.S. banks to realize its plan of creating its very own mobile-to-mobile payments service, and this may have already caused a dent on PayPal as the latter's stock dropped by 1.5 percent upon the emergence of this news.

Just like PayPal's Venmo, Apple's new mobile payment service will enable users to easily transfer mobile payments directly to another user's phone. Recipients of payments can also easily obtain the money through their checking accounts. 

Of course Apple already has Apple Pay, but this service is limited only to mobile-to-merchant payments with nothing sort of a mode that enables users to transfer payments to each other using their phones. PayPal's Venmo app is still the ruler in the mobile-to-mobile payment segment. 

BGR noted that per Wall Street Journal sources the service "would allow consumers to zap payments from their checking accounts to recipients through their Apple devices."

The site also added that it "would likely be linked to the company's Apple Pay system, which allows customers to make credit-card and debit-card payments with their mobile phones."

Alongside this news is the revelation that Apple has been discussing this mobile-to-mobile payments service with many banks, such as J.P. Morgan Chase, Capital One, Wells Fargo and U.S. Bancorp.

The news comes amid Apple's bigger plans for Apply Pay, which is currently expanding in terms of the merchants it has partnered with.

Upon launching last year, Apple Pay has also moved to work with drugstores and other companies like Starbucks, Chili's, and KFC, according to CNBC. 

Meanwhile, though the big threat against PayPal's Venmo looms, PayPal has said via representatives that it is welcoming the idea of other mobile-to-mobile payments services. 

"We welcome any development that encourages people to address the awkwardness of dealing with cash when paying friends or family back," said PayPal representatives.

"We have multiple services to make that easy including both PayPal and Venmo. Our services work across multiple devices and Operating Systems, as well as online."

Despite giving a positive comment amid the news regarding Apple's person-to-person mobile payment service, PayPal has declined to directly comment on Apple's plan.