Science

Apple may be working on its own money transfer service

Apple may be working on its own money transfer serviceā€

In other words, Apple is looking to build a Venmo competitor that would allow iPhone owners to transfer funds to and from others' iPhone handsets.

The iPhone maker held talks recently with payments companies in hopes of introducing its own money-transfer service akin to PayPal's Venmo, according to a report Thursday from Recode.

When will Apple pull the trigger? Recode reported that Apple will announce the new Apple Pay system later this year.

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According to Recode, Apple has been in talks with payment processors and banks about a Venmo-like service for two years, but nothing has happened-yet. This way, Apple would hold an advantage over other peer-to-peer payment systems like Venmo which require you to wait for your cash. It probably won't charge its customers for using the money-transfer service, so the only way it can earn money is through its own debit card. The cards would also have their own numbers to be eligible for wider online purchases, not just limited to Apple products. Companies that have jumped into P2P in recent years include Venmo, Square with Square Cash, and even Facebook with Messenger. With that said though, it would still be a pretty great way for the company to increase awareness about Apple Pay and get more people to start using it in ways that actually benefit the Cupertino giant.

To that end, another report claims Apple Pay may actually leave the iPhone in the form of a physical prepaid debit card, which could use those funds acquired through money transfers.

The pre-paid debit card rumor is a bit more interesting. However, the card is apparently raising concerns among banking executives who will have to battle with Apple to woo consumers.

Missed call in LeBron's Game 4 late three
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The hope is to convince more users to use Apple Pay, as sources inside a few major USA banks told Redcode that the 'usage has been lighter than expected since it launched two and a half years ago'. "If you are top of wallet, you are top of mind".

It's unclear whether pushback from the banks could pressure Visa into not working with Apple on the initiative, or what that might mean.

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