Apple in talks to launch money-transfer service - Recode

Apple in talks to launch money-transfer service - Recode

By some measures, Apple Inc.'s (NASDAQ:AAPL) Apple Pay has been a success, especially over the past year. Currently, its usage is lower than expected even if it's has been launched two years ago.

Apple Pay on the Web.

Apple has been in talks with payments industry operators about partnering for a service that would enable iPhone users to digitally send funds to other Apple devotees, Recode reports. The new P2P service could be announced as soon as this year, but that timing could change.

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The singer later dropped the case to concentrate on defending herself against the NY lawsuit and on restarting her music career. Luke claimed it was Kesha who owed him $1.3 million in unpaid royalties, and failed to provide notice and a 30-day cure period.

There are a number of reasons, but one could be the potential for Apple Pay growth when it's paired with a peer-to-peer money service.

In addition to the reported payment service, Recode also learned that Apple is in talks with Visa about creating pre-paid cards that would run on Visa's debit network. 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. It handled $7.5 billion in transactions in 2015, and almost $3.2 billion in the first quarter of 2016. Transaction volume was up over 500% year over year as we expanded to four new countries including Japan, Russia, New Zealand, and Spain, bringing us into a total of 13 markets.

Still, limiting the payments service to Apple devices only seems absurd - here's hoping Apple opens up its walled garden just a little bit, should the product ever come to fruition.

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These services have typically been money losers for the new entrants in the space, but are seen as the gateway to the next generation of payment and personal finance services.

Competition in this area is high, and it continues to go up. Meanwhile, there are still costs associated with facilitating those payments. Apple Pay hasn't been quite the revolution Apple promised, so this would at least be one way to get more people to use the service. If any company has the cash to throw at a service until it succeeds, though, it's Apple. This time, Apple's eventual service would combat for market supremacy with USA banks, PayPal, Venmo and other providers in the money transfer and processing industry. 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. Why would Apple want to do that? This won't be a short-lived battle by any stretch of the imagination.

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