Apple in talks to launch money-transfer service - Recode

The company is finding ways to increase usage of its Apple Pay.

The service, if launched, would compete with digital money transfer services such as PayPal's PYPL.O Venmo offering, Square Inc's SQ.N Square Cash, as well as services from big banks. That may be changing.


It was discovered that Apple has also been rubbing elbows with Visa in order to develop its own digital pre-paid debit cards that would run on the Visa network and be linked to the new payment service, the sources said. The Wall Street Journal previously reported the feature would launch past year minus the digital debit cards, but this ultimately ruled out null.

Citing sources familiar with the matter, Recode says that Apple has apparently been discussing the option with payments industry partners of developing a Venmo competitor, allowing iPhone owners to send money digitally to other iPhone owners. If any company has the cash to throw at a service until it succeeds, though, it's Apple. It would work with the new P2P service by allowing those wired funds from an iPhone user to have access to that money instantly, instead of waiting for the money to hit the user's bank account. The company has apparently been in talks with various payments industry partners and has been investigating the best way to go about introducing a payments service to the market. Transaction volume for the US alone is predicted to hit $282 billion by 2021. Since that time, it has grown considerably. While Apple Pay was reported to be the leading digital payment system in the United States back in February, there's still enormous room for growth as new retailers support the service and make it more ubiquitous.


Apple has discussed the idea in the past, as recently as late 2015. Those talks are back on, and we may see an Apple Pay money transfer feature as soon as this year. Of course, those funds would be available on the device as well, but a physical card adds the benefit of a credit card number, which could be used for payments on websites.



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