Apple is working on a debit card and Venmo competitor

Apple Venmo competitor

Apple Venmo competitor

Recode is reporting that AAPL has held discussions with financial industry partners about the possibility of introducing its own digital money transfer service to take on the likes of Venmo. The service would allow iPhone owners to send money digitally to other iPhone owners, these people said.

Recode also reported that Apple is talking with Visa (V - Free Report) about making its own pre-paid debit cards. Regardless of the debate, it appears that Apple serious about launching a Venmo competitor sometime in the next few years.

As Recode points out, though, these peer-to-peer payment systems are usually money pits for companies looking to break into the space. For example, you could use the Apple cards to spend money sent to you through the service without having to wait for the funds to clear at the bank. It handled $7.5 billion in transactions in 2015, and almost $3.2 billion in the first quarter of 2016.

Apple Pay is Apple's main personal finance product, but it soon might not be the only one.

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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. Third-party apps that are popular among the masses are PayPal, PayPal-owned Venmo and Square Cash.

I don't think Apple would charge for this service as competing services don't charge for this kind of transactions.

"Banks spent heavily in insuring their cards were top of wallet when they all built and rolled out Apple Pay", Cherian Abraham, a digital payments executive at Experian, told Recode. Apple Pay on the Web is delivering our partners great results. Apple Pay, while available in many places, hasn't caught on as a payment option as much as Apple would like it to. They can make purchases using their Venmo account, but they can use it like cash - splitting restaurant bills between friends, paying their share of the rent, or sending money on someone's birthday.

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