Published: Sun, April 30, 2017
Research | By Chelsea Rogers

Recode: Apple in talks over launching Venmo payments rival

Recode: Apple in talks over launching Venmo payments rival

There are a number of reasons, but one could be the potential for Apple Pay growth when it's paired with a peer-to-peer money service. Its existing means of money transfer in Apple Pay has been decidedly underwhelming in terms of usage. Apple Pay which was launched with much fanfare is not getting the sort of use that Apple or its reluctant banking partners expected.

The credit card may only be in digital format, and the user will need to add it to the Apple Pay service or use it through e-shops. Recode reported that Apple will announce the new Apple Pay system later this year. It's rumored that these companies could be pressuring Visa against working with Apple - possibly delaying the related money-transfer service and contributing to Apple's indecision over when and how to launch the effort. This way, Apple would hold an advantage over other peer-to-peer payment systems like Venmo which require you to wait for your cash.

Apple is reportedly in talks with several payments industry partners to launch its own person-to-person payments service.

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Meanwhile, Apple isn't likely to charge users for the service as hardly any of its competitors do. In addition, adoption rates for Apple Pay at major vendors can also vary and the service has also seen stiff competition from providers like Samsung Pay.

PayPal on Wednesday said Venmo processed a record $6.8 billion during the first quarter, double the volume from the same period a year earlier. Venmo registered about $17.6 billion in transfers in 2016, and Chase's QuickPay service cleared around $28 billion.

The cunning plan is to allow iPhone users to send cash to other iPhone users so that they can buy more Apple gear and get themselves deeper into debt with their friends rather than the banks. "So it's justifiable to be concerned that Apple will have its own card and could potentially be top of wallet". With that, users will be allowed to take digital pre-paid cards that would run on Visa's debit system but be tied directly into Apple Pay.

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