losangelesnewstoday.com May 20, 2018

Apple looking to compete with Venmo

30 April 2017, 12:58 | Kristen Gross

Apple Pay on the Web. Image source Apple

Person using Apple Pay on the Web with a Mac Book and iPhone

Launching a peer-to-peer payment service and offering a debit card could turn Apple's luck around... providing the banks don't step in to stop Apple from competing with them.

As to when it's going to launch the new service, Apple may announce it later this year.

It continues: "The service would allow iPhone owners to send money digitally to other iPhone owners, these people said".

The company first played with this idea two years ago, when it talked to some of the biggest US banks including J.P Morgan Chase and Wells Fargo to develop and launch a similar platform. Keep in mind that Apple has been rumored to be setting up such a P2P (peer-to-peer) money transferring system before.

Apple insider delivers the worst possible news about the iPhone 8
The phone also looks to be visibly fatter than the existing iPhone 7, although exact dimensions have yet to be revealed. The 8 is rumored to house a 3D camera as well, and will make use of Samsung's curved OLED technology.

Per a report on Recode, Apple has held discussions with partners from the payments industry to launch its own payment service which will enable iPhone owners to send money to other iPhone owners securely.

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 report also mentioned that Apple was considering its own prepaid card that would run on Visa's debit network.

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.

Despite that adoption rate, Recode's post says Apple Pay transactions totaled just $36 billion in 2016 - well below volumes that some analysts had expected. But Apple Pay adoption has underwhelmed since it launched in 2014. If you already have a money transfer arrangement with a financial firm, you're more likely to use that company for a loan that is highly profitable to the lender. In most cases, they've generally found minimal upsides to using a smartphone to make payments versus a traditional credit card or debit card. The company's debit card could also be used on websites and apps.

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