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Apple in talks to launch money-transfer service

Friday, 28 April 2017

Apple Inc has held talks with payments industry partners about launching a money-transfer service. The service will allow iPhone owners to transfer money digitally to other iPhone users. It will announce the new service later this year but the 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 banks. 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.

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. Apple Pay usage has been lighter-than-expected since its launch 2 and a half years ago.

Source by: Internet

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