Apple Inc. wants a slice of a peer-to-peer money transfer market and is now working on a Venmolike money transfer service, according to a report published Thursday.
Apple has been in discussions about developing its own "Venmo competitor", with the hopes of reviving its not so popular Apple Pay, according to Redcode. Users would be able to send "Apple Cash" to one another and use the Visa card and Apple Pay to spend the money online or at retail stores without waiting for it to be cleared by a bank. Last year, 20% of American iPhone users reported using the service at least once. The said debit cards will join into an unannounced service that would allow all iPhone users to send and receive money to each iPhone users digitally.
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Apple previously held talks with banks about such a service back in 2015 but did not end up launching anything because the banks told it to go forth and multiply.
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Apple may be the next company to provide a money-transfer service. The company announced Thursday that the amount of money flowing through the Venmo doubled in the first quarter, reaching $6.8 billion. This time, Apple's eventual service would combat for market supremacy with United States banks, PayPal, Venmo and other providers in the money transfer and processing industry. Users can also use the card's number to make transaction s on websites and apps.
Apple and Visa declined to comment on the report. One of those ways is a debit card.
If launched, the service would likely fall under the Apple Pay umbrella. Facebook and Google already have money-transfer options built into messaging services like Messenger and Gmail, respectively. Visa is also involved in creating cards linked to the digital wallets, according to the report.
Apple charges banks 0.15 percent of each Apple Pay credit card transaction in the U.S and a small silver of debit card purchases.