Apple in talks to launch money-transfer service: Recode

Friday, 28 Apr, 2017

A report from Recode now suggests that Apple could be working on a feature that would allow iPhone users to send money to other iPhone users.

This wouldn't be the first time that the rumor mill has floated an Apple-branded peer-to-peer payments service.

It is believed that users would use digital debit cards linked to the service, which would let them use funds without waiting for the money to hit their bank account.

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Apple Pay is Apple's main personal finance product, but it soon might not be the only one. People aren't inclined to pay a fee to send money to their friends when there are plenty of ways to do so for free, including Venmo. Once people link their credit cards to their iPhones in order to pay back a friend, they may be more interested in trying out Apple Pay with in-store and online merchants. 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. That's because it eliminates the need to enter in information like card numbers and shipping addresses that can be a cumbersome task on the small screens of mobile phones. At last count in December, Apple's music service had racked up 20 million paid subscribers after a little less than a year and a half. The inclusion of Apple Pay in the new service remains a strong possibility. Venmo, for instance, has already processed billions of dollars and the volume is doubling year after year. Some argue that Apple plans to release an app by the end of the year, while others insist that Apple is nowhere near release.

Recode said Apple has been conducting meetings with companies in the payment space about tentatively launching a Venmo-like program. Sources speaking with Recode told the publication they expect the company to announce the new service later this year, although of course they warned that plans can still change.

Apple has reportedly also talked with Visa about crafting its own prepaid card on the Visa debit network, says Recode. Ideally, the cards would only work where Apple Pay is accepted.