Apple is building a person-to-person payments service like Venmo

Will this get folks onboard with mobile payments?                  Jason Cipriani  CNET

If launched, the service would compete with digital money transfer services such as PayPal's Venmo and Square Inc's Square Cash, as well as services from big banks.

The article cites sources familiar with the company's plans, but offers conflicting reports; one source says a formal announcement can be expected later this year, while another says the launch is still up in the air. Apple's money transfer service could give Apple Pay a boost, but only if users embrace the service in lieu of the other available options.

The company first played with this idea two years ago, when it talked to some of the biggest US banks including J.P Morgan Chase and Wells Fargo to develop and launch a similar platform. Prior Apple patents have described a mobile P2P system that relies on iMessage.

A new report revealed that Apple is developing a Venmo remittance service, according to the United States site Recode, which may launch its own credit card. With a crowded space, Apple will certainly be hesitant to try developing a service of its own, even if it does see a bright future.

Nintendo Switch Advertised in New GameStop Weekly Ad
Mario Kart 8 Deluxe will allow players to compete in frantic multiplayer races anytime, anywhere, and with anyone they choose. Nevertheless, as a standalone title, Mario Kart 8 Deluxe stands out as an exemplary buy for your new Nintendo Switch console.

PayPal reported first-quarter results yesterday, and said Venmo total payments volume (TPV) more than doubled year over year to $6.8 billion as the service continues to gain momentum. This would allow users to spend the money they get from the new peer-to-peer payments service instantly without having to wait for the money to clear in their bank account.

A long-lasting rumor has suggested that Apple is interested in creating a money transferring service through its smartphones.

Considering just how much money goes through the digital hands of these services, it's really no wonder that Apple wants in on the action. 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. Regardless of the debate, it appears that Apple serious about launching a Venmo competitor sometime in the next few years. One of those ways is a debit card.

Related News:

  • Federal Judge Blocks Trump's Attempt to Cut Funding to Sanctuary Cities

    Orrick said his ruling does not affect the administration's ability to enforce existing conditions on federal grants. The Trump administration plans to appeal the ruling from the district court, which falls under the US 9th Circuit.
    'Fate of the Furious' Stays on Top; 'Unforgettable,' 'The Promise' Bomb

    'Fate of the Furious' Stays on Top; 'Unforgettable,' 'The Promise' Bomb

    The Zach Braff-directed update of the 1979 heist comedy ends this weekend with an estimated domestic total of $31.8 million. A bankable, diverse cast including Dwayne Johnson, Vin Diesel and Charlize Theron is leading the film, directed by F.
    Qatari royals freed after hostage ordeal

    Qatari royals freed after hostage ordeal

    It is also expected that the first stage of the deal would end by the liberation of 750 prisoners from the Syrian regime prisons. The group was kidnapped December 16, 2015 from a desert hunting camp in southern Iraq by dozens of armed men in pickup trucks.
  • Easy choice: Browns CB Haden wants Garrett with No. 1 pick

    Easy choice: Browns CB Haden wants Garrett with No. 1 pick

    At No. 1 , the Browns, for the first time in 17 years, have complete control over who they land with their first overall pick. While both players may have received medical clearance from some teams, that doesn't mean all clubs have passed them.

    Gallipoli dead remembered on 102nd anniversary of WWI battle

    Anzac troops are seen going about their daily business and firing guns from the trenches in this snapshot of WWI. Thousands of people ran the length of Martin Place on the 90th anniversary of Sydney's first dawn service .
    Amber Heard & Elon Musk Make It Instagram Official!

    Amber Heard & Elon Musk Make It Instagram Official!

    The two were spotted earlier in the day ziplining and walking arm-in-arm at the Currumbin Wildlife Sanctuary , People noted. Amber Heard and Elon Musk might have been quietly seeing each other for a while, but now they're Instagram official , guys.
  • Prominent firm to defend 'Bachelor' star in Iowa crash case

    Prominent firm to defend 'Bachelor' star in Iowa crash case

    The site reports that Soules is wearing an ankle bracelet these days, as the judge in his case has deemed him to be a flight risk. He allegedly left the scene after the 911 call and was arrested a few hours later, appearing in court on Tuesday.
    Instant analysis of Packers signing guard Jahri Evans

    Instant analysis of Packers signing guard Jahri Evans

    The sting on the ever-increasing salary cap, which has leaped $44 million in the last four years, really wouldn't be that severe. Yet even that has started to become a problem for the Green Bay Packers. "I'm just looking forward to being a champion again".
    National Football League  mock draft: Mel Kiper addresses Kansas City Chiefs offensive needs

    National Football League mock draft: Mel Kiper addresses Kansas City Chiefs offensive needs

    Otherwise, the Eagles have three experienced and talented quarterbacks (Carson Wentz, Nick Foles, and Matt McGloin) on the roster. Now, it is time to turn our attention to Kiper's look at the Minnesota draft picks and how the players could fall to the team.
  • MLB Suspending Red Sox Pitcher Matt Barnes Following Machado Incident

    I never thought I'd see the day where I had to defend the leadership qualities of Dustin Pedroia . Generally speaking, bean balls are thrown somewhere between the back and backside of the target.
    Janet Jackson's best friend slams claims she'll get millions in divorce

    Janet Jackson's best friend slams claims she'll get millions in divorce

    Gil considers the five-time Grammy victor family and even calls her newborn baby Eissa Al Mana his 'beautiful nephew'. Reports stated the singer-songwriter could get $ 1 billion for marrying the businessman.
    NES Classic Edition To Be Discontinued Plus Stock Update

    NES Classic Edition To Be Discontinued Plus Stock Update

    The recent update will be a big blow for folks who have yet to get hold of a Nintendo Mini NES Classic Edition . Nintendo is planning to come out with the SNES Mini, which is why the NES Classic Edition was discontinued .


Most liked

Rallies focus on danger posed by climate change
Celebrities, including Leonardo DiCaprio and former Vice President Al Gore, are expected to march as well. Marchers denounced policymakers who ignore the scientific consensus on climate change and other issues.

'Bachelor' star called 911 before allegedly fleeing scene
The former " Bachelor " star was arrested Monday night, following a crash that occurred near his home in Buchanan County, Iowa. He also said that Kenneth and Chris knew each other because Kenneth was also a farmer and their farmland shared a border.

Taco Bell to offer test kitchen reservations on OpenTable
Whatcha making there? The test-kitchen dinner promises "twists on Taco Bell favorites", and "never-before-seen" dishes. Taco Bell plans to have "a series of dining experiences" sprinkled throughout the year.

16 incredible revelations from Caitlyn Jenner's The Secrets of My Life
I couldn't out myself. "But the red heels I think not only look good on me but also fit, so I steal them after the show". According to Caitlyn, in the past, she used to wake up feeling anxious and not looking forward to the day.

Macron campaign confirms phishing attempts, says no data stolen
Macron's campaign confirmed to the Wall Street Journal on Monday that hackers have tried to steal campaign staff email passwords. The Associated Press left several messages with the hacker or hackers who had registered the rogue Macron websites.

'Be more like Trump': Jean-Marie Le Pen criticises daughter's presidential campaign
Le Pen finished second in the first round of voting Sunday and she will now face centrist Emmanuel Macron in a run-off election. Many pollsters had placed him second to Le Pen in the opening round; however Macron eventually garnered more votes than Le Pen.

China launches 1st domestically-made aircraft carrier
China's aim is to defend its trade, access to natural resources, and build a buffer against perceived U.S. encroachment. China yesterday celebrated 68th anniversary of the establishment of its navy amid massive expansion of its fleet.

Top NFL Draft prospect Gareon Conley accused of sexual assault
Cleveland 19 is also looking into why the police hadn't filed a completed report about the incident almost two weeks later. Both the Jets and Eagles hosted Conley on a pre-draft visit, which underscores their interest in perhaps drafting him.

US Senate confirms Sonny Perdue as agriculture secretary
The Senate Agriculture Committee held a hearing on Perdue on March 23, and favorable voted him out of the Committee on March 30. Here's what you need to know about the person now in charge of many the nation's farm and food policies.

Tennessee Teacher Planned to Take 15-Year-Old Girl to Mexico
He offered minimal responses as he was advised of his rights and the charges that could send him to prison for 10 years to life. The US Attorney's Office is requesting that Cummins remain detained pending trial in the Middle District of Tennessee.

Nadal claims record-extending 10th Monte Carlo title
Ramos Vinolas took the first set when he broke the 11th-seeded Frenchman to love, concluding with a smash at the net. He will be among the favorites at the French Open this year, which was the last of his 14 Grand Slam wins in 2014.

Saudi Arabia restores perks to state employees, boosting markets
Minister of Communications Muhammad Al-Suwail has been relieved and Muhammad Al-Sawaha was appointed as new minister. Saudi Arabia has sacked Information Minister Adel Al-Toraifi and has also replaced its ambassador to the US.

Saudi king names son as US envoy as ties boosted with Trump
During leaders' meeting in Jordan, they discussed bilateral relations and stressed the necessity of improving them. Saudi Arabia and Iran are regional rivals, and back opposing sides in the wars in Syria and Yemen.

ITC examining options for Taj Mansingh auction
Instead of renewing the lease, the civic body chose to opt for a public auction as it would maximise the annual licence fee. However, NDMC and Indian Hotels fell out when NDMC revealed it wanted to hold an auction of the property to raise money.

Samsung Galaxy S8: Once Broken Consider It Dead
The company has now pronounced it a software issue rather than a hardware quality bump as earlier expected. Instead, its claimed that its addressing the situation purely as a way to calm consumer unrest.