Apple is in talks to launch its own Venmo, reports Recode, also asking “Could the money-transfer service be called Apple Cash, perhaps?”
Snip:
The company has recently held discussions with payments industry partners about introducing its own Venmo competitor, according to multiple sources familiar with the talks. The service would allow iPhone owners to send money digitally to other iPhone owners, these people said.
One source familiar with the plans told Recode they expect the company to announce the new service later this year. Another cautioned that an announcement and launch date may not yet be set.
Apple previously held talks with banks about such a service back in 2015 but did not end up launching anything.
If it happens this time, the new Apple product would compete with offerings from big U.S. banks as well as PayPal, its millennial-popular subsidiary Venmo, as well as Square Cash in the increasingly competitive world of digital money-transfers. Chase’s QuickPay service processed $28 billion in transfers last year, while Venmo registered $17.6 billion in volume and is still doubling year over year.
'Apple is in talks to launch its own Venmo' [recode]
