Published: Sun, April 30, 2017
Research | By Elizabeth Houston

Apple aims to launch money-transfer service, technology

Apple aims to launch money-transfer service, technology

Apple has been rumored to be working on a peer-to-peer money transfer service or app since 2015.

Venmo is popular, especially among young, urban residents, as a way to pay friends back for things.

Apple Pay was released to the iPhone 6 in 2014, allowing users to store their Visa, MasterCard and American Express credit cards in their smartphone. According to multiple sources that are familiar with the news, Apple intends to announce the service later this year, potentially at the same event when its new iPhone will be unveiled. Several sources inside big USA banks told Recode that Apple Pay usage has been lighter than expected since it launched two and a half years ago.

Other startups and digital pay alternatives by banks also have a cemented position in the market, so it might be taking Apple some time to think of a strategy to set itself apart from the bunch with a new offering for iPhone users.

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It's claimed that Apple has been underwhelmed by the usage of Apple Pay over the past two and a half years and that launching a P2P payment service with the option of a debit card could give Apple Pay a serious boost.

If launched, the service would likely fall under the Apple Pay umbrella. If launched, the service would be a direct competitor to PayPal's Venmo app. Chase's service processed $28 billion in transfers a year ago, while Venmo registered $17.6 billion in volume. Some are asking about how Apple would entice its users to use Apple Pay. According to a new report, Apple's work on this payment transfer service still continues. It handled $7.5 billion in transactions in 2015, and almost $3.2 billion in the first quarter of 2016. 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.

Apple would approach money transfers a little differently from existing services, Recode reported. One of those ways is a debit card. The banks are reportedly unhappy about the idea of Apple getting a debit card and plan to raise their concerns with Visa during an annual summit next week.

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