Apple in talks to launch money-transfer service - Recode

Dora Pope
April 28, 2017

This rumor has been going on for years, but 2017 might be the year of peer-to-peer Apple Pay.

Apple has been in talks with payments industry operators about partnering for a service that would enable iPhone users to digitally send funds to other Apple devotees, Recode reports. But it should be noted that neither the announcement date nor the launch date have been set yet, according to these same sources.

For a little while, Apple's been going back and forth on whether to develop a money transfer system that's similar to existing apps such as Venmo and Square Cash. The Wall Street Journal previously reported the feature would launch previous year minus the digital debit cards, but this ultimately ruled out null.

These services have typically been money losers for the new entrants in the space, but are seen as the gateway to the next generation of payment and personal finance services.

Apple is said to be in talks with Visa to offer its own pre-paid cards, which would presumably be used within Apple Pay as a solution for folks who don't have a bank account.

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While you all know and use Apple Pay if you have an iPhone and live in one of the countries where it works, Apple Pay has always been about paying for stuff in retail stores and online.

For its part Apple reportedly saw an estimated $36 billion in 2016 Apple Pay transactions, but that still falls way short of analysts' expectations considering the massive iPhone install base. That's because it eliminates the need to enter in information like card numbers and shipping addresses that can be a cumbersome task on the small screens of mobile phones. That process takes more time, and Apple Pay represents a meaningful improvement in convenience in that context; it really has the potential to be a game changer as more and more sites and apps implement Apple Pay. Many big banks, for example, have easy transfer features like Chase's QuickPay service or Bank of America's mobile money transfer.

ReCode is a solid source too. Some plan to raise their concerns with Visa next week during an annual summit that the credit card company is hosting for its bank partners.

All the while, P2P has seemed like an opportunity for Apple Pay to expand into. "So it's justifiable to be concerned that Apple will have its own card and could potentially be top of wallet".

Other reports by My Hot News

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