Apple Apparently Wants to Replace Venmo

Apple Apparently Wants to Replace Venmo

But Apple is reportedly looking to build a money transfer feature into Apple Pay so iPhone users can send money to each other.

Apple is in talks to launch its own money transfer service similar to Venmo, according Recode.

Venmo is doing so well that it seems Apple wants in on the fun. Still, most analysts remain hopeful about the future of Apple Pay, particularly on the web and via apps, seeing as how the service eliminates the need for users to manually enter their shipping and payment information every single time they go to make a purchase.

Recode says the company has also held talks with Visa about the possibility of creating virtual Apple prepaid debit cards. The report claims that this service might be launched as early as this year. Venmo, for instance, has already processed billions of dollars and the volume is doubling year after year.

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"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. It is now the most widely accepted mobile payment system in terms of support by US retailers and enjoys wide acceptance globally among banks and financial institutions.

Patently Apple covered two patent applications from Apple about potential new future financial services related to Apple Pay in 2015 and 2016.

One of the reasons Apple Pay's usage is low is that its service isn't accepted everywhere, yet.

Apple has been long rumored to be interested in developing a P-to-P service of its own, which isn't surprising given the company's popularity among Millennials, who are prime users of PayPal's popular Venmo mobile P-to-P service. 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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