Apple working (again) on mobile P2P service

Apple is setting up a Venmo rival

If Apple pushes through this Venmo style service, backed with its own debit card, it could hack off the bankers even more. The company is in the process of rolling out its P2B offerings like Pay with Venmo, which allows merchants to accept Venmo on their sites and apps. By synchronizing with Apple Pay, a digital wallet from the company, the card can also be used to spend money in physical stores out in the real world. Now, reports are coming in that the Cupertino company is in talks with potential partners, with sources saying that it could launch the service as early as this year.

Systems like Samsung Pay and Apple Pay generally rely on near-field communications and hardware to process payments.

Apple was first rumored to be looking at launching a P2P payments service back in 2015. Apple, of course, would like all iPhone (and now MacBook) users to opt for Apple Pay over pulling out their wallets, and by adding peer-to-peer functionality, it could see increased growth in overall Apple Pay usage.

It continues: "The service would allow iPhone owners to send money digitally to other iPhone owners, these people said". For example, 2016 saw Venmo move $17.6 billion in total cash while QuickPay processed about $28 billion in the same period.

Although Apple is ahead of its competitors, Apple Pay still does not seem like a home-run - it reported 86 million users this year, Samsung Pay has 34 million and Android Pay has 24 million. Apple Music obviously hasn't stopped Spotify from growing quickly, and an Apple-backed money transfer service wouldn't necessarily upend that market, either. But that's not necessarily the case, particularly if Apple doesn't offer any reason to switch cards.

Apple is desperate to prop up its Apple Pay service.

The pre-paid debit card rumor is a bit more interesting.

But some bank executives are reportedly wary, and plan to complain at a Visa "summit" next week, according to Recode's Jason Del Rey.


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