But Apple would not like to charge customers to use the money-transfer service, which means it might only be able to earn money if users also take the benefit of Apple debit card secured to it. 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.
This might result in a Visa debit card co-branded with Apple which will enable the company's users to even make purchases at retailers using their cards. According to a report from Recode, the company is in talks with a number of financial firms to release a money transfer service later this year.
The hope is to convince more users to use Apple Pay, as sources inside a few major United States banks told Redcode that the 'usage has been lighter than expected since it launched two and a half years ago'. It would work with the new P2P service by allowing those wired funds from an iPhone user to have access to that money instantly, instead of waiting for the money to hit the user's bank account.
One key feature missing from Apple Pay that other mobile payment systems offer is the ability to transfer money between users.
Apple previously held talks with banks about such a service back in 2015 but did not end up launching anything because the banks told it to go forth and multiply.
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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.
An Apple representative declined to comment on the report.
Apple may be the next company to provide a money-transfer service. Visa is also involved in creating cards linked to the digital wallets, according to the report. Current competitors in the space include Paypal, Venmo, and Square Cash, among others.
All information about debit cards tied to the service will be stored in the Apple Pay digital wallet. The banks are reportedly unhappy about the idea of Apple getting a debit card and plan to raise their concerns with Visa during an annual summit next week.