Apple May Develop Its Own Venmo-esque Cash App

Apple May Develop Its Own Venmo-esque Cash App

According to a report from Recode, Apple has recently held discussions with partners in the payments industry about a service that would allow iPhone owners to send money to other iPhone owners. One source told Recode that the company plans to announce the service by the end of the year.

Apple is in talks to launch its own money transfer service similar to Venmo, according Recode. Why would Apple want to do that?

The issue with peer-to-peer payment apps in general is that it's hard to make money off of them. These cards would be tied to the service, giving iPhone owners a physical product as well as a digital one.

Apple may be the next company to provide a money-transfer service. At the moment, the timeline for the program is still fluid, as the program could potentially launch this year.

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In addition to the payment service, Recode has also learned that Apple talking to Visa about creating pre-paid cards that would run on Visa's debit network.

Venmo alone, a popular choice for the millennials, processed $17.6 billion in transfers last year, continuing the trend of doubling the amount year over year. This would put Apple in a position to compete with existing services like Venmo or Square Cash. It is now the most widely accepted mobile payment system in terms of support by USA retailers and enjoys wide acceptance globally among banks and financial institutions. Apple Pay works at supported retailers that accepts contactless payments in fifteen countries, including the United States and China.

Apple has been rumored to be working on a peer-to-peer, Venmo-competitor money transfer app since 2015. The Wall Street Journal reported Apple analyst Gene Munster estimates Apple Pay saw around $36 billion in transactions during 2016. Would it use rewards program to encourage them to use it and ditch their debit card?

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