Apple rumored to be working on competitor to Venmo

After years of speculations about Apple launching its own money-transfer services, the Cupertino tech giant could finally be launching peer-to-peer payment service in Apple Pay this year.

Apple already allows users of its iOS devices and Mac computers to use Apple Pay to pay for goods and services around the world, but this would be a totally new step, and likely a standalone product with its own dedicated app. While Apple Pay was reported to be the leading digital payment system in the United States back in February, there's still enormous room for growth as new retailers support the service and make it more ubiquitous.

The company is reportedly in talks with various payments-oriented companies about starting its own peer-to-peer money transfer app, according to tech site Recode.

These services have occasionally brought losses for the new entrants in the space but understood as the gateway to the next generation of payment and personal finance services that could modify traditional consumer banking relationships. The Apple card would be tied to this new peer payment service and let you spend money that's sent to you without waiting for it to be cleared to your bank account.

This alleged pre-paid card may run on Visa's debit network and be connected with the aforementioned peer-to-peer service. In addition, adoption rates for Apple Pay at major vendors can also vary and the service has also seen stiff competition from providers like Samsung Pay.




Apple may have had its Apple Pay service for some time, but it seems the company is looking to innovate more in the fintech sector further by introducing a peer-to-peer money transfer service like Venmo.

Apple Pay started as P2B and now wants to expand to P2P, while Venmo started as P2P and wants to expand to P2B. Venmo is said to be highly popular among millennials, having handled $17.6 billion in transfers last year and $6.8 billion in the first quarter of this year alone.

Apple Pay launched in October 2014 in an attempt to capture a chunk of that business.

Apple is unlikely to charge end-users for sending money to friends but it may profit from the prepaid debit card transactions by claiming fees from merchants.

(Copyright © 2015. All Rights Reserved.)
 
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