Apple is in talks with U.S. banks to develop a person-to-person mobile payment service, the Wall Street Journal reported. The service, which would compete with PayPal's Venmo, would allow users to transfer funds from their checking accounts through Apple devices, the Journal reported on Wednesday.

A number of banks are involved in the talks, including JP Morgan Chase, Capital One, Wells Fargo and US Bancorp, it said. But the report does not confirm whether any of the banks have signed an agreement with Apple.

The service 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, the newspaper said.

Apple had not provided any comment.