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Apple is working on a service that could compete with Venmo

28 April, 2017, 02:09 | Author: Abraham Jackson
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Citing sources familiar with the matter, Recode says that Apple has apparently been discussing the option with payments industry partners of developing a Venmo competitor, allowing iPhone owners to send money digitally to other iPhone owners. If someone sends you money using Apple Pay, you could be able to use this balance using this card.

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

Banks that partnered in the rollout of Apple Pay may not be thrilled with Apple launching a debit card that could be "top of wallet" instead of their own, though.

Apple wants a piece of Venmo's market. At the time, it made sense to leave P2P to other companies while focusing on the relatively harder challenge of pushing adoption of contactless payments among both merchants and consumers, or person-to-business (P2B).

Apple may be the next company to provide a money-transfer service.

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If launched, the service would likely fall under the Apple Pay umbrella.

This might result in a Visa debit card co-branded with Apple which will enable the company's users to even make purchases at retailers using their cards. Apple Pay is now accepted by over 2,000 banks, worldwide.

Financial institutions, however, are anxious such a move would bolster Apple Pay at the expense of their own credit and debit cards, as the company could easily give priority to its payment method within the app while downplaying everything else.

As of iOS 10, Apple lets third-party peer-to-peer payment apps offer iMessage and Siri app extensions to allow their apps to integrate more deeply with the rest of the operating system. According to a new report, Apple's work on this payment transfer service still continues. Of course, those funds would be available on the device as well, but a physical card adds the benefit of a credit card number, which could be used for payments on websites.

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