April 27 Apple Inc has held talks with
payments industry partners about launching a money-transfer
service, technology news website Recode reported on Thursday.
The service will allow iPhone owners to transfer money
digitally to other iPhone users, Recode reported, citing sources
familiar with the talks. (bit.ly/2plLxAB)
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.
The service, if launched, would compete with digital money
transfer services such as PayPal's Venmo offering,
Square Inc's Square Cash, as well as services from big
Apple was also in talks with payments network operator Visa
Inc to create its own pre-paid cards to run on the Visa
debit network, and tied to the new peer-to-peer service, the
Recode report said.
Apple is looking for ways to boost usage of Apple Pay, its
mobile payments service, and the debit card could be one way to
do that, Recode reported.
Apple Pay usage has been lighter-than-expected since its
launch two and a half years ago, the website reported, citing
sources from big U.S. banks.
Apple declined to comment on the report, while Visa could
not immediately be reached for comment.
(Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin