Apple wants your iPhone to make money transfers

Apple as been in discussions about developing its own'Venmo competitor, with the hopes of reviving its not so popular Apple Pay. A digital debit card would be tied to their smartphones Apple Pay digital wallet

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. Its existing means of money transfer in Apple Pay has been decidedly underwhelming in terms of usage.

Apple could launch the service later this year, but Recode cited a source that said a definitive launch date isn't set.

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. The service would allow iPhone users to digitally send money to one another, and it is also rumored that Apple would partner with Visa in order to provide digital prepaid cards.

Apple may have not have reached its goal to replace the wallet, but a new report has revealed that the tech giant is not giving up on the mobile-payments industry. The Apple Pay service launched back in 2014, and by the middle of 2016, the platform was said to be gaining a million new users each week. The card number could also be used to make purchases on websites and in apps.

Users would have access to funds on the card the moment it is sent- instead of waiting for the money to clear in their bank account. Apple's service could pit it against the likes of Pay-Pal's Venmo app
Apple is working on a service that could compete with Venmo

Apple as been in discussions about developing its own "Venmo competitor", with the hopes of reviving its not so popular Apple Pay. The latter processed a leading $28 billion last year while Venmo had a hand in $17.6 billion worth of financial maneuvers; Venmo's annual payment volume is doubling each year.

Apple and Visa spokespeople declined to comment.

Apple is getting serious about expanding its digital wallet service into money transfers, and could announce the new service later this year.

What's missing from AAPL's offering is support for transferring money from one person to another - a la PayPal Holdings Inc's (NASDAQ:PYPL) PayPal and Venmo, and Square Inc's (NYSE:SQ) Square Cash. However, the new rumor does include talk about a new Visa card that would be offered by Apple, but would run through Visa's debit card system.

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