Apple in talks to launch money-transfer service - Recode

Kristi Paul
April 28, 2017

One source tells Recode that the service could be introduced by the end of 2017, while another remains unconvinced that Apple has set the timing for either an announcement or an official release.

Venmo alone, a popular choice for the millennials, processed $17.6 billion in transfers last year, continuing the trend of doubling the amount year over year. Most of those surveyed used the service sparingly.

One of the most prominent hurdles for Apple Pay has been the mere fact that paying with your phone at a register isn't that much more convenient than using a regular old plastic card; this is an old observation that has long made it hard for all mobile payment services to gain traction, since it's tough to beat the ubiquitous status quo that already just takes a few seconds.

The company is finding ways to increase usage of its Apple Pay.

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

For its part Apple reportedly saw an estimated $36 billion in 2016 Apple Pay transactions, but that still falls way short of analysts' expectations considering the massive iPhone install base. The idea is for users to spend these cards through the money transfer service. Apple Pay works at supported retailers that accepts contactless payments in fifteen countries, including the United States and China. Baked into iMessage, people might just find a use for Apple Pay.

Several questions are coming up on the potential partnership between Apple and Visa. In addition to Venmo and Square Cash, Facebook Messenger is also adding this service to its system allowing users to send payments among friends. Some are asking about how Apple would entice its users to use Apple Pay. 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.

Other reports by VideoGamingPros

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