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Apple Cash? Cupertino Said to Be Working on Venmo Competitor

28 April, 2017, 00:51 | Author: Jan Cross
  • Apple in talks to launch money-transfer service Recode

Obviously, the peer-to-peer payments would only work between other Apple users as it will be tightly integrated into Apple Pay. Apple Pay gave mobile payments a jumpstart when it was unveiled in 2014, but most people so far haven't adopted such services, including Samsung Pay and Android Pay, instead sticking with cash and plastic. Last year, 20% of American iPhone users reported using the service at least once.

Do you already use a money-transfer service like Venmo or Square Cash? The service would let iPhone owners send money digitally to other iPhone owners. The cards could be added to Apple Pay's digital wallet, and be used for tap-and-pay purchases as well, in addition to purchases on websites and in apps.

The issue with peer-to-peer payment apps in general is that it's hard to make money off of them.

P2P payment services are notorious money-losers, though.

It looks like Apple Pay is getting a major upgrade this year. The company reportedly registered $17.6 billion this past quarter.

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AAPL contacted several banks about launching a similar product back in 2015, but those discussions never materialized into anything. It isn't clear if the prepaid Apple debit card would only be accepted at places that take Apple Pay (although that seems likely).

Whether or not any of these plans come to fruition is still up in the air, but sources inside major United States banks tell Recode that Apple has been underwhelmed by the usage of Apple Pay over the past two and a half years.

While we share many recommendations and ideas with the public, certain moves are hidden from everyone but chosen members of our portfolio services.

An Apple-Visa solution along these lines would be great for college students and younger adults, for example, who may not have access to a traditional bank account but still want to have control of their finances from the convenience of their iPhones.

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