Apple in talks to launch money-transfer service: Recode

Apple in talks to launch money-transfer service: Recode

If someone sends you money using Apple Pay, you could be able to use this balance using this card. Its existing means of money transfer in Apple Pay has been decidedly underwhelming in terms of usage. However, many people haven't yet adopted the app because of the competition from PayPal and banks.

The debit card might only come in digital form, so you'd have to either add it to Apple Pay or use it with online retailers. One source suggested that Apple's new service could launch later this year, but another suggested that a launch date hasn't yet been set. The new service could launch as early as this year, but the timing details aren't clear, the report says.

The new peer-to-peer payment service will allow iPhone owners to send funds to other iPhone users. According to Recode, Apple has been talking with its partners to revamp its Apple Pay system to secure its lead in mobile payments. The Apple Pay service launched back in 2014, and by the middle of 2016, the platform was said to be gaining a million new users each week.

Unfortunately, it seems that the service will be available to a limited number of people, and may only be available to users of iPhone phones, which makes them useless, especially if some parties rely on the Android system. Some are asking about how Apple would entice its users to use Apple Pay. The company announced Thursday that the amount of money flowing through the Venmo doubled in the first quarter, reaching $6.8 billion.

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Apple and Visa declined to comment on the report.

Apple's current venture into transactions, Apple Pay, hasn't been as successful as the firm had hoped it would be. Visa has been named as one of Jobs' Mob's partners and it is possible that the banks could pressure Visa into not working with Apple.

Apple is unlikely to charge end-users for sending money to friends but it may profit from the prepaid debit card transactions by claiming fees from merchants. Recode also mentions that there may be some pushback from banks who've "spent heavily in insuring their cards were top of wallet when they all built and rolled out Apple Pay", and aren't fond of the idea of Apple now promoting its own card.

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