Apple's major advantage over Venmo and others is that they don't need to make money off the payment service. They can give this away for free, because they real

Apple's major advantage over Venmo and others is that they don't need to make money off the payment service. They can give this away for free, because they really care about the device margin. And using geo+TouchID would make for a very secure service, minimizing fraud problems that competitors would have to deal with. Apple's in a unique position to make this happen. And yes, it could be bad news for Square.