Apple Cash? Cupertino Said to Be Working on Venmo Competitor

Apple Cash

After years of speculations about Apple launching its own money-transfer services, the Cupertino tech giant could finally be launching peer-to-peer payment service in Apple Pay this year.

Apple will announce the new service later this year, one source told Recode, while another told the website an announcement and launch date may not yet be set.

Rumors have been floating around about an Apple Money-transfer service since 2015; now it seems the company is making another push in the space.

The company first played with this idea two years ago, when it talked to some of the biggest USA banks including J.P Morgan Chase and Wells Fargo to develop and launch a similar platform. As an extension of Apple Pay, Apple is reportedly looking to break into the peer-to-peer payment systems.

Apple (NASDAQ:AAPL) is in talks with payment industry partners, restarting chatter about a possible launch of its own peer-to-peer money-transfer service, Recode reports. But they are willing to do that in order to get consumers hooked on their firm, hoping that new subscribers end up using other profitable services offered by the banking company. Venmo, for instance, has already processed billions of dollars and the volume is doubling year after year. It could also be used as a shortcut to money that has been sent though Apple's peer-to-peer service, allowing users to spend that money right away instead of transferring it to another bank account.

The service would be different from Apple Pay. Subscribers to these so-called peer-to-peer services use them to split the tip on a dinner, or to come up with their share of next month's rent. 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.

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.

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