Apple Cash? Cupertino Said to Be Working on Venmo Competitor

Lynne Hanson
April 28, 2017

Banks that partnered in the rollout of Apple Pay may not be thrilled with Apple launching a debit card that could be "top of wallet" instead of their own, though. Companies that have jumped into P2P in recent years include Venmo, Square with Square Cash, and even Facebook with Messenger.

ReCode is a solid source too.

Apple's plan on building its money-transfer service is back on. According to Recode, the company has been talking to its partners (mostly banks) about introducing some sort of option, which a source said could be announced as soon as later this year. These include the PayPal owned and operated subsidiary, Venmo, whose annual payment volume exceeded $17.6 billion last year, as well as similar offerings from commercial banking-giant's - such as J.P. Morgan Chase's "QuickPay" service, which processed a whopping $28 billion in peer-to-peer transfers last year alone.

A report from Recode now suggests that Apple could be working on a feature that would allow iPhone users to send money to other iPhone users.

Apple and Visa declined to comment on the report.

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Much like Venmo and its competitors, Apple's new service would enable iPhone users to transfer money to each other quickly using their mobile phones.

Apple Pay started as P2B and now wants to expand to P2P, while Venmo started as P2P and wants to expand to P2B. Apple Pay is now accepted by over 2,000 banks, worldwide. Right now, Apple Pay supports online and in-app payments and in-person contactless payments, but the app only lets users send money to merchants.

The company is also planning to launch its own prepaid cards that would run on Visa's debit network. The Wall Street Journal reported Apple analyst Gene Munster estimates Apple Pay saw around $36 billion in transactions during 2016.

Will this get folks onboard with mobile payments? In most cases, they've generally found minimal upsides to using a smartphone to make payments versus a traditional credit card or debit card.

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