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.
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.
Bruins will bring back Bruce Cassidy as coach
Bruce Cassidy has been named the 28th Head Coach of the Boston Bruins, the team announced Wednesday morning. He coached the Bruins' final 33 regular and postseason games, compiling an 18-8-1 regular-season record.
Feds hope China softwood mission sends message to US
Ottawa shields its dairy farmers from foreign competition, regulating prices and production and taxing imports heavily. A diplomatic call between President Trump and Canadian Prime Minister Justin Trudeau was anything but "amicable".
Thornton expected to ready for next season
The Oilers took command of the series with a dramatic come-from-behind victory in overtime on Thursday in Game 5 at Rogers Place. The Blues will be playing Game 1 on their home ice against the Nashville Predators in the 2nd round of the Stanley Cup Playoffs.
Anthony Joshua vs Wladimir Klitschko
By taking on Klitschko - with his name recognition and place in the heavyweight division - Joshua is gaining instant credibility. He will rely heavily on his experience, hoping to frustrate the young champion into a mistake.