Apple in talks to launch money-transfer service - Recode

Francis Harris
April 28, 2017

These cards would run on the Visa debit network, and people "would be able to use the Apple cards to spend money sent to them through [Apple's Venmo-like service]".

The new service, which was rumored two years ago, could help bolster Apple Pay, the company's mobile payments service.

Apple Inc. may wish to launch a person-to-person money-transfer service to rival Venmo, according to a new report.

If Apple did get into the money transfer business, it would be a late entry into a crowded market, much as Apple Music was.

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. Apple Pay is now accepted by over 2,000 banks, worldwide.

Both Apple and Visa declined to comment on this report, however Apple, in recent months, has tried to further penetrate the mobile payments space with Apple Pay.

Venmo alone, a popular choice for the millennials, processed $17.6 billion in transfers last year, continuing the trend of doubling the amount year over year. It is now the most widely accepted mobile payment system in terms of support by USA retailers and enjoys wide acceptance globally among banks and financial institutions.

I don't think Apple would charge for this service as competing services don't charge for this kind of transactions. 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. Facebook and Google already have money-transfer options built into messaging services like Messenger and Gmail, respectively. 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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