Once again, Apple is rumored to launch its own Venmo-like service for all iPhone users. Venmo is a free digital wallet app in mobile owned by PayPal. It is used in order to transact and do other payment services using your smartphone. According to multiple sources that are familiar with the news, Apple intends to announce the service later this year, potentially at the same event when its new iPhone will be unveiled.
On Thursday, a report claimed that Apple has held talks with Visa talking about its own pre-paid debit cards. The said debit cards will join into an unannounced service that would allow all iPhone users to send and receive money to each iPhone users digitally. However, some banks are reportedly suspicious and planning to complain at Visa.
According to Business Insider, Apple has been working on a peer-to-peer money transfer services since 2015. If launched, the app would be a direct competitor to Venmo app. With this app, the user can easily split the bill, pay the cab, or much more. And Apple could be thinking an app that could certainly do things like that and, if possible, more than that.
The soon to be named Apple payments service would include a major partnership with Visa. With that, users will be allowed to take digital pre-paid cards that would run on Visa's debit system but be tied directly into Apple Pay. As reported by MacRumors, users of this app could get paid through the "Apple Cash," able to use the Visa card and Apple Pay to spend their saved money at a retail store or online.
To obtain the many customers, Apple could be targeting teenagers and young adults with the new service. However, as of now, there are still many questions on Apple and Visa's potential partnership, as well as Apple's own debit cards. A remarkable puzzle is that if Apple would launch exciting rewards and programs to convince people to ditch their current debit or credit cards to switch for the new one.