Apple is in talks to launch its own Venmo

Apple is in talks to launch its own Venmo

April 28th, 2017
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Could the money-transfer service be called Apple Cash, perhaps?


														
							

Apple’s on-again, off-again flirtation with building its own money-transfer service appears to be back on.

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 has also recently held discussions with Visa about creating its own pre-paid cards that would run on the Visa debit network and which would be tied to the new peer-to-peer service, sources told Recode. People would be able to use the Apple cards to spend money sent to them through the new service, without having to wait for it to clear to their bank account.

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