The service will allow iPhone owners to transfer money digitally to other iPhone users, Recode reported, citing sources familiar with the talks. The ReCode source cautioned that an announcement date had not yet been set - but if its being leaked - it must be soon. Would you use a similar service from Apple? The company has apparently been in talks with various payments industry partners and has been investigating the best way to go about introducing a payments service to the market. Apple is reportedly looking to expand its finance offerings and potentially launch a Venmo competitor, Recode reports. The numbers alone are reason enough for Apple to step in the game, especially considering Venmo's results amid stiff competition. In this way, parents would be able to send their students money, for instance, which would go straight to their digital debit account somewhat like PayPal. It's rumored that these companies could be pressuring Visa against working with Apple - possibly delaying the related money-transfer service and contributing to Apple's indecision over when and how to launch the effort. The service would presumably exist under the Apple Pay umbrella, enabling users to easily and quickly transfer money to each other in a manner not too different from Square Cash and Venmo.
One of the most prominent hurdles for Apple Pay has been the mere fact that paying with your phone at a register isn't that much more convenient than using a regular old plastic card; this is an old observation that has long made it hard for all mobile payment services to gain traction, since it's tough to beat the ubiquitous status quo that already just takes a few seconds. Apple Pay, while available in many places, hasn't caught on as a payment option as much as Apple would like it to. That would typically put Apple Pay on better financial footing, but Venmo's parent PayPal already operates one of the largest and most profitable P2B platforms in the world.More news: Intel Shares Slide After First-quarter Earnings Release
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Apple charges its bank partners 0.15 percent for every Apple Pay transaction in the US. The cards would also have their own numbers so that they could be used for online purchases.