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Apple Inc. (AAPL) Could Kill Venmo With Money Transfer Service "Apple Cash"
28 April 2017, 12:57 | Ricardo Garza
Apple is working on a service that could compete with Venmo
The new peer-to-peer payment service, which could be coming later this year, would reportedly allow iPhone owners to send cash digitally to other iPhone owners.
The article cites sources familiar with the company's plans, but offers conflicting reports; one source says a formal announcement can be expected later this year, while another says the launch is still up in the air. PayPal'sVenmo followed with $17.6 billion in transactions. Apple could wait and launch the feature at a later date, or scrap the idea entirely of course.
Financial institutions, however, are anxious such a move would bolster Apple Pay at the expense of their own credit and debit cards, as the company could easily give priority to its payment method within the app while downplaying everything else. This would put Apple in a position to compete with existing services like Venmo or Square Cash.
Apple Pay usage has been lighter-than-expected since its launch two and a half years ago, the website reported, citing sources from big USA banks. That way, users would be able to add the pre-paid cards to their digital wallets and use them as a regular credit card while potentially boosting Apple Pay usage.
PayPal reported first-quarter results yesterday, and said Venmo total payments volume (TPV) more than doubled year over year to $6.8 billion as the service continues to gain momentum. That's because it eliminates the need to enter in information like card numbers and shipping addresses that can be a cumbersome task on the small screens of mobile phones.
If money transfers through Apple Pay are indeed back on again, it could prove to be a massive boon to the company's platform.
While still a rumor, an Apple service that let you send money to friends could be a nice compliment to Apple Pay.
ReCode is a solid source too. It isn't clear if the prepaid Apple debit card would only be accepted at places that take Apple Pay (although that seems likely).
There is a chance that banks' fears may be overblown, however.
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